DLF closes with premium of 36 pc in debut trade | business | Hindustan Times
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DLF closes with premium of 36 pc in debut trade

DLF Ltd makes a strong debut on the bourses as its shares closed with a gain of 36% over the issue price, making it the 8th most valued company on the BSE.

business Updated: Jul 05, 2007 18:05 IST

India's biggest realty firm DLF Ltd made a strong debut on the bourses on Thursday as its shares closed with a gain of 36 per cent over the issue price, making it the eight most valued company on the Bombay Stock Exchange.

The scrip listed at Rs 582 on BSE against an issue price of Rs 525 and soared to a high of Rs 714.25, propelling its market value to over Rs 100,000 crore. It settled at Rs 570.05 on the BSE, resulting in a market value of Rs 96,278 crore.

In terms of volume, the scrip witnessed huge trading activity. As many as 7.80 crore shares were traded on the National Stock Exchange and over 3.42 crore shares changed hands on BSE. On NSE, the scrip closed at Rs 569.

DLF touched an intra-day high of Rs 714.25 and a low of Rs 505.60 on BSE, while on NSE it touched a high of Rs 583.95 and a low of Rs 526.60.

"The market capitalisation of DLF is right now between Rs 95,000 crore to Rs 1,00,000 crore," DLF Group's chief finance officer Ramesh Sanka told reporters in Mumbai.

Billionaire KP Singh-promoted DLF, which had delisted from BSE in 1982, was ahead of ICICI Bank and State Bank of India in terms of market cap. Only Reliance Industries, ONGC, Bharti Airtel, NTPC, Infosys, TCS and Reliance Communications has higher market capitalisation on BSE.

DLF also replaced Unitech as the country's biggest realty firm on the bourses. Unitech is placed at the 20th spot with a market value of Rs 42,378 crore on the BSE.

The company had offered 17.5 crore equity shares through 100 per cent book-building process. The proceeds of the issue, which was oversubscribed 3.5 times, would be deployed to meet costs of construction, land acquisition and repayment of debt.