DLF stock soars 9% intraday as promoters up stake

Shares of realty major DLF surged 9% on the BSE after its promoters bought 23 lakh shares of the firm through open market transactions for nearly Rs 25 crore, raising their stake to 74.99%. 

The stock reacted by jumping 8.83% to Rs 116.45 on BSE. On NSE, it soared 8.72% to Rs 116.50. 

The 23 lakh shares were purchased on November 23-24 from the open market, the country's largest real estate company has said in a regulatory filing. 

After the transactions, the stake of promoters K P Singh and family in the firm has increased to 74.99%, from the earlier 74.86%.

As per the minimum public shareholding norms of markets regulator Sebi, promoters cannot hold more than 75% shares in a company. 

At 1331 hours, the company's stock was up 7.34%, down from the day's high at Rs 114.85 per piece.