DLF Ltd has announced that a meeting of the Board of Directors and Audit Committee will be held on Friday, 1st December, 2017 to inter-alia consider and approve the proposal for, issuance of warrants and/or compulsorily convertible debentures on preferential basis to the Sellers and/ or other Promoter/ Promoter Group entities of the Company; issuance of equity shares under Qualified Institutions Placement (QIP); and increase in authorized share capital of the Company.
The decision of the Board shall be subject to the approval of the shareholders of the Company.
The company is planning to raise around Rs. 3,500 crore via QIP.
Earlier, Competition Commission of India has also approved a proposal by Singapore’s sovereign wealth fund GIC to acquire a stake in an arm of DLF for Rs 8,900 crore.