From correspondents in Delhi, India, 05:03 PM IST

Indian realty major DLF Ltd is considering buying back its equity shares.

'The company will hold a meeting on July 10 to consider and approve the proposal for buy-back of equity shares of the company', it announced in a regulatory statement Wednesday.

DLF shares have rallied by over 16 percent to Rs.429 after the announcement.

The scrip touched an intra-day high of Rs.439 and a low of Rs.350 and has recorded volumes of over 77,00,000 shares on the National Stock Exchange (NSE).

It had hit a 52-week high of Rs.1,225 January 15.

DLF shares fell below their issue price early last month amid a broad-based sell off in the market.

Real estate stocks have been the worst performers this year amid worries that rising interest rates and high property prices will hit housing demand.

(Staff Writer, © IANS)