News: DLF drafts prospectus for IPO
(TNN 18/04/2006) New Delhi - Real estate and construction major DLF will approach market regulator SEBI with a draft prospectus for its upcoming Initial Public Offer of over Rs 10,500 crore.
When contacted, company officials confirmed that the Draft Red Herring Prospectus with SEBI by April end may hit capital market in the first or second week of June.
The company has convened a pre-IPO meeting of shareholders to get their nod on issues like spliting the Rs 10-share into five shares of Rs 2 each and issuing a liberal bonus of seven shares for each share held to the existing shareholders.
The Extraordinary General Meeting would be held here on April 20, they said adding this would be followed by a pre-IPO survey to decide the price band for the shares.
Asked about the size of the IPO and money to be raised, officials declined to comment but said this would be the largest IPO in the history of India's capital market.
The company would be issuing 132,18,79,895 fully paid new equity shares as 7:1 bonus after spliting the shares.
The notice has been sent to all shareholders enlisting 10 resolutions.
The company has capitalised a sum of over Rs 264.37 crore from the standing to the credit of share premium account, general reserve account and credit of surplus as per profit and loss account as on March 31, 2005 for issuance of new shares as bonus.
DLF is planning to offer 20 crore shares to the public and 3.5 crore shares by way of private placement. K P Singh, promoter of the company holds 99.5 per cent stake in DLF and after the IPO the promoter's stake would come down to 88 per cent.
The company would also seek shareholders nod to place 3.5 crore shares of Rs 2 each at a price of not less than Rs 64 per share.
The EGM would also consider the increase in authorised share capital of the company to Rs 500 crore from the exisiting Rs 40 crore. The Rs 500 crore share capital would be divided into 249.75 crore equity shares of Rs 2 each and 50,000 redeemable preference shares of Rs 100 each
When contacted, company officials confirmed that the Draft Red Herring Prospectus with SEBI by April end may hit capital market in the first or second week of June.
The company has convened a pre-IPO meeting of shareholders to get their nod on issues like spliting the Rs 10-share into five shares of Rs 2 each and issuing a liberal bonus of seven shares for each share held to the existing shareholders.
The Extraordinary General Meeting would be held here on April 20, they said adding this would be followed by a pre-IPO survey to decide the price band for the shares.
Asked about the size of the IPO and money to be raised, officials declined to comment but said this would be the largest IPO in the history of India's capital market.
The company would be issuing 132,18,79,895 fully paid new equity shares as 7:1 bonus after spliting the shares.
The notice has been sent to all shareholders enlisting 10 resolutions.
The company has capitalised a sum of over Rs 264.37 crore from the standing to the credit of share premium account, general reserve account and credit of surplus as per profit and loss account as on March 31, 2005 for issuance of new shares as bonus.
DLF is planning to offer 20 crore shares to the public and 3.5 crore shares by way of private placement. K P Singh, promoter of the company holds 99.5 per cent stake in DLF and after the IPO the promoter's stake would come down to 88 per cent.
The company would also seek shareholders nod to place 3.5 crore shares of Rs 2 each at a price of not less than Rs 64 per share.
The EGM would also consider the increase in authorised share capital of the company to Rs 500 crore from the exisiting Rs 40 crore. The Rs 500 crore share capital would be divided into 249.75 crore equity shares of Rs 2 each and 50,000 redeemable preference shares of Rs 100 each
posted by InCar Group Press Room at 16:59
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