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DLF defers $3B IPO
By agencies
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Friday, 01 September 2006, 19:30 IST
NEW DELHI: Delhi based DLF Universal Ltd, which planned IndiaÂ’s largest IPO of over $3 billion has withdrawn its draft red herring prospectus in the backdrop of a dispute between the promoters and minority shareholders. It will refile its prospectus in November when it hopes to end the disputes.
Ramesh Sanka, COO of DLF, said the withdrawal of the prospectus was exclusive of companyÂ’s problems with its minority shareholders. A top company official said it withdrew as it was thinking of a new business plan.
The company, which started the mad rush to Gurgaon to decongest New Delhi, filed its offer document a day after the Mumbai market hit a historic peak in mid-May.
The firm expected to raise $3-$3.5 billion from a proposed sale in June of up to 12.8 percent, or 219 million shares, including an option for an additional 17 million.
It is said, once the company goes public, its owner K.P. Singh would be worth $20-25 billion, the third richest man in the world.