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DLF to raise Rs 12,000 cr

business Updated: Nov 29, 2007 00:20 IST
Arun Kumar
Arun Kumar
Hindustan Times
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DLF Office Trust Limited (DOTL), the group company of DLF Ltd, is set to raise around Rs 12,000 crore on Singapore Stock Exchange this December.

Earlier this month, the company had filed the draft red herring prospectus (DRHP) with the regulatory authority of Singapore and is expected to get the go ahead shortly.

Investment banking sources said that the company has appointed Lehman Brothers and Goldman Sachs as investment bankers for the proposed IPO. Under Singapore law, companies engaged in such activities need to divest a majority stake, said a banker.

In July, the company had divested a little over 10 per cent to raise $600 million, including $400 million from DE Shaw and another $200 from Lehman Brothers. The pricing of the issue would be based on the actual price of the proposed IPO on Singapore Stock Exchange.

The issue, which would to be priced though the book-building route, is expected to value the company at upwards of Rs 20,000 crore ($5 billion). Last month, DLF had taken board approval to invest $750 million in the proposed IPO.

A company official refused to comment on the issue.

Unlike India, where the Securities and Exchange Board of India (SEBI) has put the DRHP on its website for public comment, under Singapore law, after filing the DRHP, a company goes into a cooling period and cannot comment on the issue until the authority clears the IPO.