DLF promoters buy 23 lakh shares; stake rises to 74.99%

New Delhi: Realty major DLF's promoters have bought 23 lakh shares of the company through open market transactions for nearly Rs 25 crore, raising their stakes to 74.99 percent.

The 23 lakh shares were purchased between November 23-24 from open market, the country's largest real estate company said in a regulatory filing.

Post this transactions, the stake of promoters, KP Singh and family, has increased to 74.99 percent from 74.86 percent it held earlier in the firm.

Yesterday, DLF's share price closed at Rs 107 apiece on the BSE. Its market cap stood at Rs 19,078.78 crore.

As per the minimum public shareholding norm of market regulator SEBI, promoters cannot hold more than 75 percent shares in the company.

Meanwhile, DLF's promoters are looking to sell their 40 percent stake in the company's rental arm DLF Cyber City Developers Ltd (DCCDL) by the end of this fiscal.

Last month, DLF's board decided that promoters will sell their 40 percent stake in the DCCDL. The proposed deal is estimated to be valued at around Rs 12,000 crore. DLF would continue to hold 60 percent stake in the DCCDL.

Promoters would re-invest a significant part of the amount realised from the proposed sale in DLF Ltd, which in turn would utilise this fund to trim its debt that stood at more than Rs 22,520 crore as on September 30.

DLF has a rental income of about Rs 2,400 crore, of which DCCDL contributes Rs 2,200 crore.

The company has a land bank of nearly 300 million sq ft, of which around 40 million sq ft is under construction.