India'a largest Real estate developer DLF Ltd has appointed 4
global investment bankers to sell fresh shares to institutional investors in
domestic and overseas markets to raise about Rs. 2,000 crore to reduce debt.
The issue will help DLF
Ltd achieve a minimum public
shareholding of 25 per cent, as mandated by Securities Exchange Board of India
(SEBI).
The board has mandated
Standard Chartered Bank, JP Morgan Chase, Deutsche Bank & Bank of America
Merrill Lynch for the placement.
A prospectus will be filed
next week and the fund raising plan will be completed the following week. At
the traded price of Rs. 235 a share, DLF Ltd can raise Rs. 1,900 crore.
The marget regulator SEBI, in
August 2012, had asked listed companies to have minimum public shareholding at
25 % by June 2013. DLF Ltd owner Mr.
K.P. Singh & his family owns 78.58 %
stake.
DLF Ltd , in the last few
years, had pared down its debt to Rs. 18,500 crore by selling hotels, wind
mills & parcels of land.
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