Sebi Gives Nod to DLF IPO

May 8, 2007	(Be the first to rate this story!)  Loading ...
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The real estate giant, DLF, has succeeded to get a nod from market regulator SEBI for its initial public offering (IPO), through which it has nurtured the high hopes to raise a record of Rs 13,600 crore.

The company has got the clearance after a year it has first filed the draft prospectus. This is going to be a significant stepping stone for DLF which will enable it to tap the capital market.

After the DLF’s first attempt to get the nod proved futile due to some regulatory objections over minority stakeholders’ complaints, the company places its bets for a second time by filing a renewed prospectus in January 2007.

Minority stakeholders complained regarding the company’s failure in not providing them with the offer letter for debentures issued by the company in December 2005.

DLF resolved the matter which gets it the revival of its own IPO plan.  It had filed its first prospectus in May 2006, which it had to withdraw in August 2006.

The company had come forward with a proposal to foray into the capital market with a public issue of 17.5 crore equity shares of Rs 2 each through 100 per cent book building process. The post-issue dilution of the proposed issue would be over 10 per cent.

News Published Under:   Banking and Finance |

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