Indian IPO

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Sunday, July 15, 2007

IPO corpus will earn DLF Rs 1.3 crore a day

India’ largest real estate developer DLF is making a cool Rs 1.3 crore a day merely by parking its IPO money in mutual funds, CNBC-TV18 reports.

Out of Rs 9000 crore raised from its IPO, realty major DLF has parked more than Rs 7000 crore in liquid funds. Reliance and ICICI Prudential have each got an inflow of Rs 1500 crore into their debt funds.

Another Rs 1000 crore has gone into the liquid schemes of Deustche AMC. Liquid funds of mutual funds like ABN Amro, UTI, Kotak and Birla Sun Life have also garnered Rs 300-500 crore each.

Company officials say that they are in the process of deploying this money for their business plans. Until then, this money will sit with mutual funds and with liquid funds giving returns of about 7.5%, this IPO corpus will earn DLF a solid Rs 1.3 crore a day.

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