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Friday, May 05, 2006

DLF to file draft prospectus for its IPO by next week

Real estate major DLF group said it would file the draft prospectus for its initial public offering, IPO, with the Securities and Exchange Board of India, Sebi, by next week and hit the market some time in June or July, reports agencies.

"We are working for a regulatory approval. We will file the prospectus within next week. The IPO will come in June or July," DLF Group Chairman K P Singh.

DLF plans to raise over Rs 10,500 crore (Rs 105 billion) from the largest ever public issue, but before that it will issue bonus shares to existing shareholders, split stocks and privately place 3.5 crore of equity, for which the company has acquired nod of its stakeholders in EGM on April 20.

"The DLF's issue would be larger than the ONGC public offer (which had raised Rs 10,500 crore) to fund its expansion programmes and future growth," DLF Chief Financial Officer Ramesh Sanka had said but without disclosing the exact amount of mop-up.

Before coming out with 20 crore equity issue by June-end, the company would issue 7 bonus shares against each held by the existing shareholders, split stocks of face value of Rs 10 into Rs 2 and place 3.5 crore shares with foreign institutional investors or domestic institutional investors.

The company’s shareholders, at the extraordinary general body meeting in last month, gave approval to these decisions.

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