DLF to spend Rs3,500 cr from IPO to buy land

DLF to spend Rs3,500 cr from IPO to buy land
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First Published: Tue, May 29 2007. 02 08 PM IST
Updated: Tue, May 29 2007. 02 08 PM IST
By Reuters
Mumbai: Indian property developer DLF Ltd expects to spend $864 million (Rs3,500 crore) from its planned initial public offering to buy land, Vice Chairman Rajiv Singh said on 29 May.
DLF is relaunching its IPO to raise a lower-than-expected $2.4 billion in the country’s largest IPO as the Indian real estate market looks set to cool.
The New Delhi-based firm is selling 175 million shares, or 10.27% of the company, at a price band of Rs550-550 each. Subscription opens on June 11-14.
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First Published: Tue, May 29 2007. 02 08 PM IST
More Topics: Money Matters | IPOs |