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DLF Awaits Green Light on $3B Share Sale

NEW DELHI-K.P. Singh will be testing investor confidence in India's stock market next week when his DLF Universal Ltd. expects to receive regulatory approval for the IPO.

By Alex Finkelstein | Updated on June 07, 2006

(To read more on the debt and equity markets, click here.)

NEW DELHI-In what is believed to be the largest stock sale of its kind ever attempted in India, billionaire real estate developer K.P. Singh’s DLF Universal Ltd. hopes to raise $3 billion when it starts offering shares to investors later this month or early July, the company says in a share sale document.

The company initially announced the planned IPO in April but hadn’t set a specific sale figure. DLF plans to use the proceeds to purchase land, fund development and construction projects and repay 136 billion rupees (US $2.96 billion) in loans, according to the company filing with the market regulator. If the additional share sale option is exercised in full, the Singh family ownership of DLF would drop to 86.06% from 98.66%, the document states.

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