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Monday, May 15, 2006

DLF files DRPH with Sebi


DLF Group today filed Draft Red Herring Prospectus, DRPH with the Sebi. The company has filed for USD 3-3.2 billion IPO issue.

The group has filed the IPO for 20.2 crore shares (202 million) excluding greenshoe of 1.7 crore shares (170 million).

It will use its IPO proceeds in part to acquire land, complete on-going projects and retire debts. The company’s land acquisition programme will cost Rs 6500 crore (Rs 65 billion), while the completion of on-going projects will cost about Rs 3100 crore (Rs 31 billion). The company also plans to repay loans to the extent of about Rs 4000 crore (Rs 40 billion).

The company has received approval to set up four special economic zones of a large size. Out of which, three are going to be a multi purpose special economic zone and one is going to be a collection of product specific zones in Amritsar.

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