Shares of DLF dipped 4 per cent to Rs 498.75 on the BSE in Tuesday’s intra-day trade after over 20 million shares of the real-estate major changed hands via block deal.
At 09:15 AM; around 21.15 million shares representing 0.85 per cent of total equity of DLF changed hands via block deal on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
According to media reports, the promoter or promoter group were the likely sellers, having intended to sell shares at approximately 3 per cent discount to the Monday’s closing price of Rs 518.65. Axis Capital, a leading investment banking firm, was appointed as the broker for the transaction.
The stock of DLF has outperformed the market, hitting over 14-year high of Rs 517.75 on Friday, July 28, 2023. Thus far in the current calendar year 2023, it has rallied 33 per cent, as compared to 8.7 per cent rise in the S&P BSE Sensex.
DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 msf (approx.) of development potential across residential and commercial segment. The group has an annuity portfolio of over 42 msf (approx). DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties (the “Annuity Business”).
DLF’s management remains optimistic about the demand for housing as the cycle continues to remain positive. They believe that macro tailwinds along with the strong demand outlook augur well for business. With a strong pipeline of new launches planned for this fiscal and a strong rental portfolio, the management said it remain confident of delivering consistent and profitable growth across businesses.
At 09:15 AM; around 21.15 million shares representing 0.85 per cent of total equity of DLF changed hands via block deal on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
According to media reports, the promoter or promoter group were the likely sellers, having intended to sell shares at approximately 3 per cent discount to the Monday’s closing price of Rs 518.65. Axis Capital, a leading investment banking firm, was appointed as the broker for the transaction.
The stock of DLF has outperformed the market, hitting over 14-year high of Rs 517.75 on Friday, July 28, 2023. Thus far in the current calendar year 2023, it has rallied 33 per cent, as compared to 8.7 per cent rise in the S&P BSE Sensex.
DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 msf (approx.) of development potential across residential and commercial segment. The group has an annuity portfolio of over 42 msf (approx). DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties (the “Annuity Business”).
DLF’s management remains optimistic about the demand for housing as the cycle continues to remain positive. They believe that macro tailwinds along with the strong demand outlook augur well for business. With a strong pipeline of new launches planned for this fiscal and a strong rental portfolio, the management said it remain confident of delivering consistent and profitable growth across businesses.
First Published: Aug 01 2023 | 11:01 AM IST