DLF Shares Fall After Promoters Sell Stake Worth Rs 1,086 Crore
Shares of DLF Ltd. fell after the promoter group of the company sold a 0.87% stake in the company via a large trade.
The promoters are seeking at least Rs 1,086 crore from the sale of their stake, according to the terms of the deal reviewed by BQ Prime. It will offer 2.16 crore shares at a price of Rs 503 per share, which is a 3% discount to Monday's close.
Axis Capital is the sole broker for the large deal.
One of the promoters, Kushal Pal Singh sold his entire stake in the company, according to data from BSE bulk deals.
Singh sold 1.44 crore shares, representing 0.59% stake in the company for Rs 504.21 apiece.
Shares of the company closed at a loss of 3.67% to Rs 499.7 apiece, compared to a 0.1% decline in the NSE Nifty 50.
The stock has risen nearly 40.9% year-to-date.
Out of the 20 analysts tracking the company, 17 maintain a 'buy' rating, two recommend a 'hold', and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 5.3%.
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