DLF files revised prospectus for Rs 10,500-cr IPO
Real estate major DLF filed its revised draft prospectus for India’s largest IPO estimated at over Rs 10,500 crore on Tuesday. DLF is scheduled to issue 17.5 crore shares, comprising 10.2% of its equity capital.
By TNN |
MUMBAI: Real estate major DLF filed its revised draft prospectus for India’s largest IPO estimated at over Rs 10,500 crore on Tuesday. DLF is scheduled to issue 17.5 crore shares, comprising 10.2% of its equity capital.
Merchant banking sources confirmed that the Delhi-based real estate company has filed its prospectus with market regulator Sebi. However when contacted, company officials didn’t comment on the matter. DLF’s issue is being lead managed by DSP Merrill Lynch, JM Morgan Stanley, Enam and Citibank.
The much-delayed IPO issue comes at a time when the equity markets are strong. Last time when DLF had filed its prospectus, complaints of unfair treatment to minority shareholders and a weak stock market prompted the company to postpone the issue.
DLF had only last month resolved differences with minority shareholders regarding allotment of debentures, which paved the way for the revival of the IPO process. Minority shareholders had filed a complaint with Sebi alleging they did not receive the letter of offer of the debenture issued in December last.
Robust equity markets and a hunger for growth have led many companies to tap the capital markets. Some of the large IPOs include Reliance Petroleum, Parsvnath Developers, Lanco Infratech, Cairn India and GMR Infrastructure. Other large equity offerings include NTPC and ONGC.
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