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India's DLF seeks 30B rupees from equity share placement

DLF Ltd. is planning to raise 30 billion Indian rupees from its planned institutional placement of 173 million shares, Mint (New Delhi) reported.

During a March 25 meeting, the company's board approved the opening of the qualified institutional placement of equity shares with a face value of 2 rupees apiece. Each equity share comprising the placement have a floor price of 193.01 rupees with the final issue price expected to be determined in a March 28 meeting, according to a filing.

Proceeds raised from the offering will be used to repay loans and for other general corporate expenditures, according to the March 26 report.

As of March 25, US$1 was equivalent to 68.90 Indian rupees.