DLF raises $341 million from sale of new shares

The deal is done ahead of a June deadline for Indian companies to meet a 25% free-float requirement and is expected to be followed by several others. Separately, Just Dial will launch its long-awaited IPO next week.
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The Ericsson Forum in Gurgaon is one of the many office buildings in India developed by DLF</div>
<div style="text-align: left;"> The Ericsson Forum in Gurgaon is one of the many office buildings in India developed by DLF</div>

Indian real estate developer DLF raised Rs18.63 billion $341 million from its sale of new shares earlier this week, after the company decided late last night to fix the price at Rs230 per share. The price was equal to the clearing price announced by the Indian exchanges earlier in the day and translated into a 4.9% discount to yesterday’s closing price of Rs241.75.

The deal is the largest among a series of Indian share sales this week, as issuers rush to meet a 25% free-float requirement by the June 3 deadline.

At the beginning of this week close to 100 companies still needed to take action to...

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