NSE/BSE STOCK MARKET TIPS

DLF buys back 2.5 lakh shares on opening of offer
19 Oct, 2008.

NEW DELHI: Country's largest real estate firm DLF bought about 2.5 lakh shares worth about Rs 7.6 crore on the first day on Friday from the open
market under the buyback offer.

The company purchased 2.5 lakh shares at an average price of Rs 304.19 per share, DLF said in a communique to the National Stock Exchange.

The company has bought back about 1.5 lakh shares from the NSE, while it purchased one lakh shares from the BSE, it added.

DLF today kicked off its Rs 1,100 crore offer to buyback 2.2 crore shares at a face value of Rs 2 each from the open market.

The company has appointed JM Financial Services and DSP Merrill Lynch as its brokers for placing orders on the bourses.
However, the offer failed to boost the company's share prices as the scrip fell by 10.34 per cent to close at Rs 291.30. It had closed at Rs 324.90 per share yesterday.

In July, the company had announced its plan to buy back shares from open market at a price not exceeding Rs 600 a share. Post-buy back, the shareholding of the promoters would increase from 88.16 per cent to 89.32 per cent.

The offer would end on July 9 next year. However, the board in its absolute discretion may decide to close the buy back at an earlier date, if the minimum offer shares have been purchased under the buy back, even if the maximum offer size has not been reached or the maximum offer shares have not been bought back.