Real estate giant DLF, which revived its process of entering the capital market last month to raise Rs 13,600 crore (Rs 136 billion) through its Initial Public Offer, said on Tuesday its IPO plan is on track and the company was waiting for market regulator Securities and Exchange Board of India's approval.
While accepting that it has received certain queries regarding the public issue, a company spokesperson said it was a normal process and the company is accordingly replying to these 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 the 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," a company statement said.
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.
DLF proposes to 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 (Rs 136 billion)," company sources had said. In the earlier attempt to tap the capital market in May 2006, DLF aimed to raise Rs 13,600 crore but then it had offered more number of shares amounting to 20.2 crore equity shares, which reflects the company's increased valuation due to acquisition of more land, projects, besides forming a JV with hospitality major Hilton.
