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DLF prospectus for IPO in Nov

The real estate major is likely to file a draft prospectus for raising nearly Rs 13,500 crore through a public offer by next month.

india Updated: Oct 11, 2006 20:59 IST
Press Trust of India
Press Trust of India

Real estate major DLF is likely to file a draft prospectus for raising an estimated Rs 13,500 crore through a public offer by next month after resolving the contentious issues relating to minority shareholders, which had upset its plans to hit the market earlier this year.

"We will be filing the prospectus for IPO only after resolving the minority shareholders issue," DLF Chief Financial Officer Ramesh Sanka told PTI.

He said the company was working toward filing the prospectus by end of November.

However, he declined to comment on how the company plans to resolve the minority shareholders issue, which was one of the major reasons for the collapse of the much-hyped IPO that could have made DLF promoter KP Singh India's richest billionaire.

The new prospectus would be updated with financial as well as other developments that has taken place in the company till September, he said.

DLF is still awaiting the report from the Ministry of Company Affairs on the issue of minority shareholders, who had complained of discrepancies in the issue of convertible debentures by the company in December last.

The company had withdrawn its DRHP with SEBI in late August after failing to get the required clearance from the regulatory authorities.

The IPO was being touted as the country's biggest ever public issue with total proceeds from the sale of shares in the offer being pegged at more than Rs 15,000 crore in the market circles, substantially more than Rs 10,500 crore raised through the public issue of PSU oil major ONGC in March 2004.

DLF used to be a publicly traded entity until 2003.

First Published: Oct 11, 2006 20:59 IST