The Hindu Business Line : ‘DLF in talks to raise Rs 2,000 cr thru pvt equity’

The DLF Board will also consider international acquisitions, participation in the proposed Initial Public Offering (IPO) of DLF Offices Trust in Singapore, besides taking a decision on investment in various development projects in India and abroad.

Preeti Mehra
Moumita Bakshi Chatterjee

New Delhi, Oct. 4 DLF Ltd is planning to raise between Rs 1,500 crore and Rs 2,000 crore through private equity investments and is in talks with Merrill Lynch, according to sources.

They said that the proceeds are being earmarked for the development of FDI-compliant properties.

The company — which hit the Indian market with Rs 9187.5 crore Initial Public Offering (IPO) in June — said on Thursday that its board of directors will meet on October 11 to consider raising funds from overseas.

Meanwhile, the DLF Board will also consider international acquisitions, participation in the proposed Initial Public Offering (IPO) of DLF Offices Trust in Singapore, besides taking a decision on investment in various development projects in India and abroad.

Global eye

On international acquisitions, sources said that DLF was keen to evaluate opportunities involving buy-out of businesses which have lucrative projects.

The Board meeting is slated to be held just a week after the company clinched a mega project to develop a ‘New Bangalore City’ following a global tender issued by Bangalore Metropolitan Regional Development Authority (BMRDA).

DLF would develop the project with an investment of Rs 24,000 crore in a five-year period. Besides private lands, 2,200 acres of Government land would be acquired for the project to come up at Bidadi in Ramanagara Assembly constituency.

In the case of the DLF Offices Trust in Singapore, the company is looking to raise $1-2 billion.

The company has been set up for holding and buying yielding commercial assets and is owned by DLF Ltd promoters’ family.

The portfolio of the company is learnt to comprise of SEZs at this point and the company has bought or contracted 12 million square feet of space from DLF Ltd.