DLF to seek shareholder nod to sell shares

India's largest real estate developer, DLF has said that its board will meet on March 6 to consider stake sale by the company to meet SEBI guidelines on minimum public shareholding rules.

It maybe noted that the DLF promoters hold more than 78 per cent in the company and it has to meet SEBI guidelines, which require minimum 25 per cent shareholding to be held by the public. This means the promoters will have to sell the excess holding beyond 75 per cent to the public.

Shares of DLF were up 1.81 per cent on the BSE at Rs 252.

"DLF Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 06, 2013, inter alia, to consider offer of securities and all related actions thereto, subject to the approval of shareholders, for achieving the minimum public shareholding in compliance to the Securities Contracts (Regulations) Rules, 1957 as amended and read with Clause 40A of the listing agreement," the company said in a statement to the BSE.

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