Mumbai, Aug 25 (PTI) DLF shares settled with gains of 17 per cent today in an otherwise volatile market after the realty major yesterday raised Rs 375 crore through issue of NCDs.
The DLF scrip today opened at Rs 99.10 and surged 18.79 per cent to a high of Rs 114.40 on the BSE.
However, the stock eroded some of the gains and was quoted at Rs 112.50, up 16.82 per cent, at the close of trade today.
On the NSE, similar trend was seen as the stock opened at Rs 99.80 and touched an intra-day high of Rs 114.10, higher by 18.05 per cent from its previous close. It closed at Rs 113.50, up 17.43 per cent from the previous close.
The gains in the counter assume significance as broader markets witnessed heavy volatility today -- Sensex settled 290.82 points up at 26,032.38 while Nifty gained 71.70 points to end at 7,880.70.
In a regulatory filing yesterday, the realty major had said that it has raised Rs 375 crore through non-convertible debentures (NCDs) as a part of its strategy to boost internal cash flows.
These debentures would be secured by certain immovable assets of DLF's wholly-owned subsidiary and listed on BSE. Earlier this month, the firm had raised Rs 1,000 crore through non-convertible debentures, the company's first capital market issuance since SAT relief.
Since last three-four years, DLF has been raising funds through sale of non-core businesses and land parcels to cut debt and boost cash flows for meeting construction costs.
It has raised over Rs 10,000 crore through these measures. In March, Securities Appellate Tribunal (SAT) quashed a three-year ban imposed on the company by the Securities and Exchange Board of India (Sebi).