Real estate major DLF announced a price band of Rs 500-550 a share for its upcoming initial public offering.
DLF appears close to bagging a Rs 30 billion convention centre project in Delhi, possibly the biggest in the country, as the company is the only bidder for developing the facility.
In the March quarter analysts' presentation, the company had said it was targeting to raise a total of Rs 10,000 crore (Rs 100 billion) from non-core asset sales in the medium term.
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 Indian cities.
The National-Capital based realty major will also launch 9-10 million sq ft of real estate projects during the second half of the current financial year.
The company, which has already taken possession of land for the project -- it was inaugurated just two months ago -- is facing a cash crunch amid the prevailing economic downturn, which has slackened the demand for commercial real estate projects. A source close to the development said DLF was unlikely to go ahead with the project as its cash position was not comfortable and it did not expect many takers for the project due to the economic downturn.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
The country's largest realty firm, DLF, has mopped up about Rs 100 crore (Rs 1 billion) as booking amount for flats it had offered in the second phase of its housing project in the heart of the National Capital.
Gaganjeet Bhullar dazzled with a solid four-under 68 in the final round to register a comprehensive five-stroke win at the DLF Masters golf tournament in Gurgaon on Sunday.
DLF, Unitech and other real estate developers may lower prices up to 30 per cent by mid-2009 to nudge buyers out of their "wait and watch" stance, according to experts.
The developer needs to realise Rs 3,000 crore (Rs 30 billion) to Rs 3,500 crore (Rs 35 billion) from non-core asset sales, to reach its 2011-12 goal.
Mumbai land sale part of non-core divestment this year, counters DLF
The Kushan Pal Singh-led realty major has halted construction work on nearly 16 million sq ft of office and retail mall space out of the 62 million sq ft of planned construction. In the office space, the developer has stalled construction on nearly 12 million sq ft of office space out of the 36 million sq ft of space being planned.
The company has already booked Rs 5,450 crore (Rs 54.5 billion) revenue from sale of 5 million sq ft it has sold to DAL. DLF on Tuesday clarified to the exchanges that it had been looking at various options from time to time but no definite option had been presented to the board so far for its consideration.
Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing.
In both good and bad times, we will do things that are good for the company and its shareholders. We are not a company that decides strategy on the basis of newspaper articles or analyst comments.
The Lucknow bench of the Allahabad high court on Thursday reserved its order on the maintainability of a writ petition filed by a local activist -- seeking a probe into allegations of irregularities against Robert Vadra relating to his land transactions with real estate major DLF in Haryana.
Taking note of a Public Interest Litigation seeking investigation into the alleged nexus between realty giant DLF and businessman Robert Vadra, the Lucknow bench of the Allahabad high court on Thursday directed the central government to submit a reply within the next three weeks.
Ruling out any probe into business dealings between Sonia Gandhi's son-in-law Robert Vadra and realty major DLF, Finance Minister P Chidambaram on Monday said the government cannot look into private transactions unless there are specific allegations of corruption.
India's largest real estate firm DLF plans to invest about $24 billion for developing two townships in collaboration with Dubai-based Al Nakheel over a period of six years.
While the thrust will be on pan-India residential projects, office and retail launches, too, will add up to make for the realtor's project mix of 12 to 16 million sq ft during the coming year.
While the prices were lower than the market, the lowest effective price was 39 per cent higher than the lowest price it had charged during the first phase of the project this April.
India's richest real estate entrepreneur Kushal Pal Singh on Monday became the country's third trillionaire in rupee terms with a sharp rise of four per cent in his group's flagship company DLF Ltd, pushing its market value to about Rs 1,14,744 crore
India's largest realty firm DLF on Friday said its net debt increased by nearly Rs 1,000 crore (Rs 10 billion) in the July-September quarter to Rs 22,519 crore (Rs 225.19 billion), mainly due to delayed receipt of payments related to non-core asset sales.
Audit firm points out that the accounting rules do not permit companies to give interest-free loans even to their subsidiaries.
The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
Seeking to tap opportunities in Indian rail and mining sectors, UK-based infrastructure company Laing O'Rourke, which has a tie-up with domestic realty major DLF, has acquired Barclay Mowlem
13 companies have submitted more than 230 applications for telecom licences and most of these are for a pan-India UASL. DLF and Omaxe join other real estate firms Indiabulls Real Estate, Unitech and Parsvnath Developers to apply for telecom licence.
DLF Ltd is forging a 50:50 joint venture with Nakheel, a large property developer of the UAE, for two integrated townships in India at a whopping investment of $10 billion.
The country's economy is estimated to grow at 7.2 per cent in 2009-10 from 6.7 per cent last fiscal. Inflation on Monday rose to 8.56 per cent in January from 7.31 per cent in the previous month on various food items turning costlier.
Real estate major DLF and West Bengal government on Monday entered into an agreement to build a township and an industrial hub at Dankuni in the Hooghly district.
The issue received 41.31 crore bids for its 17.5 crore equity shares on offer, the data available on the stock exchanges show.
Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it's appeal against an additional tax liability imposed on it by the I-T Department is being heard.
Sports fans in Maharashtra will be deprived of watching any action in the ongoing DLF Cup tri-series.
Real estate developer K Raheja Universal Private Ltd wants to scrap one of their notified special economic zones and also surrender a part of another zone, citing lack of demand from the information technology sector.
DLF, the country's biggest property developer, may announce a "relief package" for customers of its second Gurgaon project, 'Express Greens', a few days after it announced a similar package for those who had booked at its 'New Town Heights' residential project, also in Gurgaon.
The move comes 18 months after the cash-strapped developer was allotted 35 acres by the Delhi Development Authority to build and maintain an international convention & exhibition centre, hotels and allied commercial facilities. The cost of the project is estimated at Rs 6,000 crore (Rs 60 billion) and was expected to be completed in three years.
This is the second project in the country in which a metro rail project is being undertaken through a PPP model after the 71-kilometre Hyderabad metro project was won by Maytas Infrastructure. According to industry sources, infrastructure major Larsen & Toubro had also initially shown interest for the project, but backed out finally.
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