DLF prices buyback at Rs 600 per share

In its board meeting today, DLF has announced a buy back of Rs 1,100 crore equity at a maximum price of Rs 600 per share. The volume of the buyback would be 2.2 crore shares , i.e, 1.1 - 1.29% equity. The promoters stake will go up from 88.1% to 89.3%, in case the buyback is completed.

The board has decided on buying back more shares than it had initially planned and the share price has also been upped. The promoters are desperate to increase the dangling share prices which have already recovered almost 15% since July 2, after the announcement of a board meeting was made.