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DLF is looking to launch QIP of shares by April, 2018

DLF is looking to launch its qualified institutional placement (QIP) of shares by April 2018, according to a media report.
DLF has already received approval from shareholders to sell 173-million equity shares, which will be determined by the formula laid down by the market regulator Securities and Exchange Board of India. The company may raise Rs4500-5000cr from the QIP.

Saurabh Chawla, DLF group chief financial officer, said that the board has not taken any decision yet (regarding the QIP). The company will do the QIP in next 12 months.

DLF has re-opened sales from November 2017 onwards post RERA compliance. This we believe will lead to a rise in pre-sales and collections. Projects worth Rs15,000cr of the company are nearing completion, which we believe will also lead to a rise in operating margins of 604bps over FY17-20E. GIC (sovereign wealth fund of Singapore) has received approval from Competition Commission of India to acquire 33.34% stake in DLF Cyber City. We believe the debt-to-equity ratio of the company to improve from 1.25 to 1.13 over FY18-20E. We expect the company to report revenue and PAT CAGR of 8% and 56% over FY18-20E on the back of reduction in cost of debt.

In the last trading session, DLF ended at Rs253.4, down by Rs5.55 or 2.14% from its previous closing of Rs258.95 on the BSE.

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