New Delhi, May 24 (PTI) Real estate giant DLF today announced a price band of Rs 500-550 per share for its Initial Public Offer through which it could raise a maximum of Rs 9,625 crore, as against earlier estimates of up to Rs 13,600 crore.
"We have fixed the price band between Rs 500-550. The issue will open on June 11 and close on June 14," a company spokesperson said.
K P Singh-owned DLF proposes to enter 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.
The company would raise Rs 9,625 crore at the top end of the price band and Rs 8,750 crore at the lower end.
The proceeds of the issue would be deployed to meet construction cost, land acquisition and repayment of debt.
DLF's public issue would still be largest IPO as ONGC had raised Rs 10,500 crore through follow-on-offer, a company official said.
The company had recieved approval from market regulator SEBI for its Initial Public Offer on May 7. The approval, which paved the way for the company's plan to tap the capital market, came nearly a year after it first filed the draft prospectus.
DLF had filed a renewed prospectus in January this year after its first attempt came to nought due to certain regulatory objections over minority shareholders' complaints against the company.
It had filed its first prospectus in May 2006, which it had to withdraw in August the same year. PTI
"We have fixed the price band between Rs 500-550. The issue will open on June 11 and close on June 14," a company spokesperson said.
K P Singh-owned DLF proposes to enter 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.
The company would raise Rs 9,625 crore at the top end of the price band and Rs 8,750 crore at the lower end.
The proceeds of the issue would be deployed to meet construction cost, land acquisition and repayment of debt.
DLF's public issue would still be largest IPO as ONGC had raised Rs 10,500 crore through follow-on-offer, a company official said.
The company had recieved approval from market regulator SEBI for its Initial Public Offer on May 7. The approval, which paved the way for the company's plan to tap the capital market, came nearly a year after it first filed the draft prospectus.
DLF had filed a renewed prospectus in January this year after its first attempt came to nought due to certain regulatory objections over minority shareholders' complaints against the company.
It had filed its first prospectus in May 2006, which it had to withdraw in August the same year. PTI