DLF debuts at bourses

On the National Stock Exchange

Mumbai, July 5, 2007 -- KP Singh promoted DLF Limited made its debut at the bourses on Thursday. The stock listed at Rs 568.8 on the Bombay Stock Exchange (BSE) as against the IPO price of Rs 525.

Within minutes of listing the scrip touched a high of Rs 714 and over 8.57 lakh shares exchanged hands. "I expected this kind of listing," said K P Singh, Chairman, DLF.

On the National Stock Exchange, DLF listed with a marginal premium at Rs 526.60. The shares of the company witnessed a high of Rs 583.95 and over 40.88 lakh shares were traded.

The proceeds of the issue, which got oversubscribed 3.5 times, would be deployed to meet costs of construction, land acquisition and repayment of debt.

"We have 45 million sft under construction. The interest rates now seem to be stabilizing. Around 55 per cent of our project volumes are form commercial segment," said Ramesh Sanka, CFO, DLF.

The company offered 17.5 crore shares through 100 per cent book-building process, fixed the price band at Rs 500-550 per share. The mega-issue is being valued at Rs 93,700 crore on the upper band.