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The shares of DLF were down by 3% at Rs 504.05 in the early morning session on Tuesday after the reports of a block deal by the promoters came.
According to media reports, promoters of DLF were looking to sell more than 2.15 crore shares of the real estate major to Rs 1086.2 crore.
The deal’s issue price is set at a 3% discount to the previous close of the stock at Rs 518.65. As per BSE data, more than 2.17 crore shares of DLF worth Rs 1,096.70 crore were traded by 10:05 am, on Tuesday.
Axis Capital has been appointed as the broker for the transaction. DLF Limited is known for its extensive portfolio of residential, commercial, and retail properties across India.
Similarly, 62.8 lakh equity shares amounting to Rs 319.23 crore exchanged hands on the NSE at the same time. The company’s market capitalisation was reportedly around more than Rs 1.25 lakh crore. The stock has gained nearly 50% in the last one month.
DLF reported earnings were reportedly better for Q1FY24 with a net profit of Rs 526.11 crore for the quarter ended June 2023, up from Rs 469.21 in the same quarter last year. The total income in the April-June quarter stood at Rs 1,521.71 crore, posting a marginal rise.
Brokerage firm HDFC Securities suggested ‘buy’ DLF with a target price 576 per share, while ICICI Securities has the same rating on the stock with a target price of Rs 532 apiece.
