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DLF Seeks Foreign Pastures for Fresh Funds
Friday, October 05, 2007

Real estate india companies are looking for a fresh avenue of funds. DLF, India’s largest realty development company is seeking foreign pastures for another surge of capital to finance its various projects.

DLF is targeting a capital raise of Rs.2, 000 crore from foreign markets, and may even acquire foreign companies, it is understood. The acquired companies could be related to real estate or otherwise, though matters in this regard are still in the tentative stage.

The company communicated to the Bombay Stock Exchange that its Board of Directors had plans to participate in the USD 1 billion IPO being planned for DLF Offices Trust in Singapore, a trust under DLF Assets Pvt. Ltd. (DAPL).

DAPL is a closely held company of the DLF Group holding completed commercial projects and would be filing for an IPO this month.

DLF is in discussions with a section of investment bankers like Merrill Lynch and J.P.Morgan for its capital funding from abroad.

Meanwhile, Bangalore’s Brigade Enterprises is gearing up for an IPO to fetch Rs.450 crore in late October/early November.

The company has a land bank of 395.05 acres in Bangalore, Mysore, Hyderabad, Kottayam, Mangalore and Chikmagalur and has several prestigious projects to its credit, including a hospitality project with Sheraton Group and a 1.08 million sq. ft mall in Bangalore

Related Readings

»DLF Occupies Centrestage on Bourses; Real Estate Stocks Give In
»DLF, Parsvnath Bid for MCD Tower
» DLF on a Land Buying Spree in Andhra Pradesh

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