DLF Ltd, which aims to raise up to Rs 9,625 crore (Rs 96.25 billion) through the country's largest IPO, plans to invest Rs 3,500 crore (Rs 35 billion) of the proceeds for acquisition of land and development rights in 60 major cities across the country.

"The company has enough land reserve to do development work for next 10-15 years," DLF Ltd Chairman K P Singh told reporters in New Delhi on Wednesday.

DLF had taken a 'pause' on acquisition of land and development rights, he added. In the draft red herring prospectus filed in January with the Securities and Exchange Board of India, DLF had earmarked Rs 6,500 crore (Rs 65 billion) for acquiring land and development rights.

In addition to company's land reserves of 10,255 acres, DLF had entered into arrangements for acquisition or development rights in relation to about 554 acres, according to the DRHP.

Of the net proceeds from the issue, DLF would utilise about Rs 3,500 crore for meeting the construction cost of existing projects while the remaining would be used for repayment of loans. DLF, which is offering 17.5 crore equity shares of Rs 2 each through 100 per cent book building process, has fixed the price band at Rs 500-550 per equity shares.

The issue, which opens on June 11, would constitute 10.26 per cent of the fully diluted post-issue capital of DLF.

The promoters' stake in the company would come down to over 87 per cent from the present about 97 per cent. When asked about the response company was expecting for its public issue, Singh said: "I am very confident from the feedback we have received that it will be very highly oversubscribed."