He sold 14.50 million shares for Rs. 727 crore. The family office of DLF will decide how to use the fund in the end. The promoter sold the shares at a price approximately 3 percent lower than the current market price (CMP).
The company’s share price declined over 2% to reach the day’s low of Rs 505 on the NSE during Tuesday’s early trade, possibly due to a block deal. DLF shares have experienced a significant surge on the exchanges following their 52-week low of Rs 336 on the NSE on March 14, 2023, rebounding to reach their 52-week high on Monday, July 31.
DLF has announced its plans to launch a total of 11.2 million square feet of projects in 2023–24, with a revenue potential of Rs 19,710 crore. Out of this, 5 million square feet will be in the luxury segment.
The company’s upcoming launches include projects in DLF V and Sector 77 in Gurgaon, as well as in Delhi and Panchkula.
During the first quarter of FY24, the company recorded a net profit of Rs 528 crore, showing year-on-year growth of 12%.A strong performance in the residential business, which generated new sales bookings of Rs 2,040 crore, was the main factor driving this growth.
Moreover, DLF has achieved a significant milestone in reducing its net debt, which now stands at just Rs 57 crore, the lowest in its financial history.
DLF has also acquired a controlling 51% stake in a special purpose vehicle (SPV) responsible for a development project spanning around 3.5 million square feet in Mumbai’s Andheri area for approximately Rs 400 crore.
In Q1 FY24, DLF Cyber City Developers Ltd. achieved a consolidated revenue of Rs 1,412 crore, indicating a year-on-year growth of 12%. Additionally, the company reported a consolidated profit of Rs 391 crore for the quarter, showing significant year-on-year growth of 21%.