India Business
DLF gets SEBI's approval for IPO
May 7, 2007 - 8:55:51 PM

New Delhi, May 7 - Real estate giant DLF Monday finally received the approval of the market regulator, Securities and Exchange Board of India - to go for its maiden public issue, touted to be the largest in the country, worth over Rs.136 billion.

'We have received the approval from SEBI just now. We hope that we live up to the expectation of people,' said Rajeev Talwar, executive director, DLF Group.

However, Talwar did not comment anything on the decision about the price and the time of the issue, which he says would be taken by the board of directors, evaluators and bankers.

The company has 90 days to decide upon its pricing and according to sources. The task has been given to DSP Merrill Lynch, Kotak Mahindra, ICICI Bank, Citigroup and SBI Mutual. And it has appointed Karvy as its registrar.

Last year during May DLF had filed its first prospectus but withdrew in August as differences arose between its shareholders regarding allotment of debentures.

However, by November, the issue has since been resolved.

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