DLF's Rs 1,100 cr buyback likely to start next week

DLF's Rs 1,100 cr buyback likely to start next week -- September 30, 2008
Country's largest real estate firm DLF is likely to start its Rs 1,100-crore buyback offer next week.
At a meeting held here today, DLF's board of directors approved the public announcement for the buyback that entails start of the offer next week, company sources said.
The board approval is a statutory requirement after approval from market regulator Sebi that DLF had received earlier this month.
Shares of the company were trading at Rs 342.15, down 2.41 per cent on the BSE in morning trade.
Market regulator Sebi had given the go ahead for the buyback proposal of DLF, entailing the buyback of shares of the company worth Rs 1,110 crore from the capital market at a price not exceeding Rs 600 per share.
The company had earlier said that the actual buyback price would depend upon the market conditions at the time of announcement.
Earlier, in July this year DLF had announced a buyback of up to 2.2 crore equity shares at a price not exceeding Rs 600 per share. The shares would be repurchased from the BSE and NSE through open market deals.
DLF has appointed J M Financial and Merrill Lynch as merchant bankers for the buyback plan.