DLF Shares Soar Amid Fund Infusion Buzz

DLF shares rallied nearly 11 per cent on Wednesday on report that promoters of the real estate major may infuse Rs 10,000 crore to make it debt-free. 

The Economic Times newspaper reported that DLF promoter KP Singh and his family may infuse Rs 10,000 crore equity into the company through preferential shares. 

DLF had in October announced that its promoters will reduce their stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of its rent-yielding office and retail complexes. 

According to reports, Blackstone Group, GIC and Brookfield Asset Management have separately submitted over $1 billion bids to acquire 40 per cent stake in DCCDL. 

Further, DLF may raise another Rs 3,000 crore by issuing shares to qualified institutional investors to keep the promoters stake below the thresh hold of 75 per cent, the report added. 

DLF had consolidated net debt of around Rs 22,000 crore as of March 31, 2016. 

DLF shares closed 7.68 per cent higher at Rs 143.65 apiece compared to 0.81 per cent gain in the broader Sensex.