The Hindu Business Line : DLF going ahead with IPO

The earlier attempt
The company had earlier filed its prospectus with SEBI in May 2006 for 20.2 crore shares.
The prospectus had to be withdrawn in August following complaints by minority shareholders.

New Delhi May 7 Following a regulatory clearance, Delhi-based real estate player DLF Ltd plans to go ahead with its initial public offering (IPO).

"We have got the clearances to go ahead with our IPO," said a company official today.

The company had filed a fresh prospectus with market regulator SEBI in January for 17.5 crore shares of Rs 2 each to meet construction cost, land acquisition and repayment of debt.

The company expects to raise Rs 13,000-14,000 crore through the IPO.

With the issue of 17.5 crore shares, the company will offload around 10.2 per cent of its equity. DLF is promoted by Mr Kushal Pal Singh and family, who currently own about 99 per cent shares of the company.

The company had earlier filed its prospectus with SEBI in May 2006 for 20.2 crore shares. The prospectus had to be withdrawn in August following complaints by minority shareholders.

The shareholders filed a complaint with the market regulator that they were not informed about the debenture offering, depriving them of an opportunity to own more stock when DLF converted the bonds into shares.

The company has joined hands with Hilton for its hospitality foray and with Laing O'Rourke of UK for infrastructure projects. It tied up with real estate company Nakheel of the UAE to develop townships in India.

It had also picked up 19 per cent stake in Feedback Ventures, an infrastructure consultancy firm, in October last year.

As per DLF submission for the IPO, its land bank stands at 1,372 acres as on April 30, 2006.

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