If the countrys largest real estate developer DLF had been listed on the bourses over the past four years, it would have delivered a return unparalleled in the history of Indian stock markets.
Promoter K P Singh opted to delist the company in its earlier avatar as DLF Universal from the Delhi Stock Exchange in September 2003 by buying back the public holding, valuing the company at Rs 112 crore (Rs 1.12 billion). Over the past 45 months, DLF has seen an annualised appreciation of over 500 per cent going by the valuation it is commanding for its latest initial public offer.
The 10-odd per cent public shareholders would have potentially amassed wealth of over Rs 8,500 crore (Rs 85 billion) by now had the company remained listed. In a dramatic reversal though, the ace builder is now offering to dilute 10.26 per cent stake earlier bought back by the promoters dirt cheap – for less than Rs 50 crore (Rs 500 million), for a minimum of Rs 8,750 crore (Rs 87.50 billion).
More : inhome.rediff.com
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