DLF wraps up buyback ahead of schedule
The Hindu Business Line, May 3, 2009, Page 1
Our Bureau, Mumbai
Real estate major DLF Ltd announced on Saturday the closure of its buyback programme, two months ahead of schedule.
The programme fetched only a little over 10 per cent of the upper limit of shares that could be tendered.
The closures were announced after the company acquired the minimum requisite number of shares for an aggregate amount of Rs 140.69 crore.
The company had earlier planned to buy back a maximum of 2.2 crore shares equivalent to 9.80 per cent of its total paid up capital for a sum not exceeding Rs 1,100 crore.
As per the buyback plan announced last year in July, DLF had offered to buy back its shares of face value Rs 2 each at a price not exceeding Rs 600 a share.
The company’s share price has been quoting in the range of Rs 300 to Rs 125 between October 17 and April 29 on the stock exchanges since the commencement of the buyback.
On Thursday, DLF shares closed with a gain of 2.71 per cent at Rs 230.90 on the BSE.
The decision for early closure was taken by the DLF board on April 30, DLF said in a filing to the BSE.
“The company, having purchased the requisite minimum number (55 lakh shares) of equity shares, has decided to close the buyback with effect from May 6, 2009,” DLF said.
“As on May 1, 2009, the company has bought back 76,38,567 equity shares for an aggregate amount of Rs 140.69 crore.
“No order for the buyback shall be placed after May 4, 2009,” the company added.
DLF promoter and promoter group held 88.55 per cent stake in the company, according to the shareholding pattern reported to the BSE at the close of the March 31, 2009.
The Hindu Business Line, May 3, 2009, Page 1
Our Bureau, Mumbai
Real estate major DLF Ltd announced on Saturday the closure of its buyback programme, two months ahead of schedule.
The programme fetched only a little over 10 per cent of the upper limit of shares that could be tendered.
The closures were announced after the company acquired the minimum requisite number of shares for an aggregate amount of Rs 140.69 crore.
The company had earlier planned to buy back a maximum of 2.2 crore shares equivalent to 9.80 per cent of its total paid up capital for a sum not exceeding Rs 1,100 crore.
As per the buyback plan announced last year in July, DLF had offered to buy back its shares of face value Rs 2 each at a price not exceeding Rs 600 a share.
The company’s share price has been quoting in the range of Rs 300 to Rs 125 between October 17 and April 29 on the stock exchanges since the commencement of the buyback.
On Thursday, DLF shares closed with a gain of 2.71 per cent at Rs 230.90 on the BSE.
The decision for early closure was taken by the DLF board on April 30, DLF said in a filing to the BSE.
“The company, having purchased the requisite minimum number (55 lakh shares) of equity shares, has decided to close the buyback with effect from May 6, 2009,” DLF said.
“As on May 1, 2009, the company has bought back 76,38,567 equity shares for an aggregate amount of Rs 140.69 crore.
“No order for the buyback shall be placed after May 4, 2009,” the company added.
DLF promoter and promoter group held 88.55 per cent stake in the company, according to the shareholding pattern reported to the BSE at the close of the March 31, 2009.
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