Realty major DLF Ltd has re-filed the draft prospectus for its mega initial public offering (IPO), clarifying that it was yet to get a certificate for change of use for 60 per cent of the developable land of 574 million sq ft mentioned in the document.

In its filing dated March 29, the company has said that its ability to develop the land reserves and generate the estimated developable area are subject to a number of risks such as defective title to the lands which could be legally challenged.

DLF's clarification comes after a recent statement by M Damodaran, chairman, Securities and Exchange Board of India (Sebi), that realty companies' IPO prospectuses must give land details, along with ownership status/agreement to purchase etc.

DLF was planning to raise between Rs 9,000 crore and Rs 10,000 crore through the IPO. The March 29 filing is DLF Ltd's third. It filed its first draft prospectus in May 2006, before the stock market collapsed. It submitted a revised draft prospectus in January this year.

DLF, however, retained the number of shares on offer at 175 million, compared to its January 4 filing with the regulator.

There is a minor reduction in the promoter group's shareholding in the company post-issue, in the new filing.

Compared to earlier post-issue stake of 87.49 per cent, DLF Ltd's new filing shows the promoter/group's shareholding after the IPO at 87.45 per cent.