DLF, the country's largest developer, said on Tuesday it will reschedule its proposed buyback of shares for complying with the observations of the Securities and Exchange Board of India.
The buyback was to start from October 15, but now it is expected to start two days later.
''The company is in the process of complying with the Sebi observations on public announcement dated September 30. Hence, the opening date for the offer will be re-scheduled,'' DLF said in a statement to the Bombay Stock Exchange.
In July, the company announced its buyback plans at a maximum price of Rs 600 a share. DLF will buy a maximum of 22 million shares, or 11 per cent, of the 202 million shares held by the public.
On October 1, the DLF board approved the company's announcement on buyback of shares.
J M Financial and Merrill Lynch are the merchant bankers for the buyback plan. DLF's share closed at Rs 310.60, up 3.07 per cent, from its Monday's close.
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