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.