India's biggest property developer, DLF has indicated that its board of directors will meet on Wednesday to consider a sale of stake in order to be able to meet the minimum public shareholding norms.

The company said in a filing that, "A meeting of the board of directors of the company will be held on March 6, to consider offer of securities and all related actions thereto, subject to the approval of shareholders, for achieving the minimum public shareholding."

The company also said that the board members will also hold an extra ordinary general meeting on April 4 for getting the proposal approved by the company's shareholders. As of December, the company's promoters had a stake of 78.58 per cent in the company.

Under the guidelines released by the Securities Exchange Board of India (SEBI), the public sector firms should have a minimum public shareholding of 25 per cent by the month of June 2013.

Meanwhile, DLF has said that it is aiming to reduce tis total debt by half in the coming three years with the help of measures like fresh issue of equity shares, sale of non-core assets and higher cash flows. The company has indicated that it is planning to reduce its debt from the current Rs. 21,350 crore to Rs. 10000-11000 crore over a period of next three years.