DLF says its IPO on track

New Delhi Real estate giant DLF on Tuesday said its IPO plan is on card and it is waiting for market regulator SEBI’s approval.

DLF recently revived its process of entering the capital market to raise Rs 13,600 crore through its Initial Public Offer.

The company's proposed IPO is expected to get a major boost as it had been able to rope in global hospitality giant Hilton for its foray into hotel business.

K P Singh-owned DLF had filed a new prospectus with SEBI for getting approval for its public offering, being touted as the country's largest, to raise about Rs 13,600 crore.

PTI quoted a company spokesperson saying it was a normal process and the company is accordingly replying to the queries.

Earlier media reports suggested that the company's IPO plan is likely to get delayed as SEBI has sent some legal queries to the real estate firm.

"DLF denies news about its IPO getting delayed. DLF filed its DRHP on January 3 with SEBI and is now awaiting SEBI's approval. During the process, SEBI seeks queries on points from DRHP, which is a normal process for any IPO," PTI quoted a company statement.

DLF says it will 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 10.1 per cent.

"The company could raise more than or equal to Rs 13,600 crore," company sources had said.

DLF presently has 46 million sq ft under development in various projects and a massive land bank of over 10,200 acre.

DLF-Hilton joint venture plans to develop and own 75 hotels and serviced apartments over the next seven years. DLF would hold 74 per cent share in the joint venture.