DLF Ltd. founders have sold about 9.9% of the company's shares to raise up to Rs3,800 crore ($760 million), according to people familiar with the situation. The founders sold about 168 million shares at just above 230 rupees apiece at a 2.6% discount to the closing price of DLF shares Tuesday (12th May 2009).
he transaction will reduce the founders' stake to 78.6% and nearly double the company's floating shares to 21.3% from 11.4%.
The proceeds of the stake sale are likely to be ploughed into DLF Assets Ltd, or DAL, an unlisted promoter company of K.P. Singh and family.
About $450 million of the proceeds will be used to buy out hedge fund DE Shaw and Co. from DAL, the people said.
Market reacted positively to the news.
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