Financial Daily from THE HINDU group of publications
Thursday, Apr 20, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 20, 2006 |
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Markets
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IPOs Industry & Economy - Real Estate & Construction Moumita Bakshi Chatterjee
Land bank refers to supply of potential development plots purchased and retained by builders, which allows them to construct on a continuous basis by moving on to the next plot as completion occurs on the current one.
New Delhi , April 19 Pitched against a June timeframe for its mega initial public offering (IPO), real estate developer DLF has appointed five more book running lead managers including ICICI Securities, JM Morgan Stanley and UBS for the proposed issue. Others are Citibank and Enam, in addition to Kotak Mahindra and DSP Merrill Lynch who would act as the global co-ordinators for the over Rs 11,000-crore IPO. The company's land bank is currently valued at Rs 80,000 crore sprawled across Gurgaon, Kolkata, Chennai, Hyderabad, Kochi, Mumbai, Chandigarh, Ludhiana and Jalandhar amongst other locations. Land bank refers to supply of potential development plots purchased and retained by builders, which allows them to construct on a continuous basis by moving on to the next plot as completion occurs on the current one. DLF - which has convened an extraordinary general meeting tomorrow to obtain shareholders' nod on issues pertaining to equity share split, hike in authorised share capital of the company, and a bonus issue as a precursor to the IPO - expects to file the draft red herring prospectus with market regulator SEBI by the end of this month. "The proceeds of the public offer would be utilised for funding the expansion plans of the company in residential, commercial office and mall projects," sources pointed out. Meanwhile, the company's board of directors recently decided to change the name of the company from DLF Universal to DLF Ltd (subject to approval of the Central Government) and the firm has applied to the Registrar of Companies for availability of the new name. The RoC's approval is awaited, sources added.
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