DLF IPO likely to hit market in February

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The DLF group's much-touted IPO will finally see the light of day. The group, which has already resolved the issue with its minority shareholders, is now in the process of filing the draft red herring prospectus, DRHP with Sebi, reports The Economic Times.

Sources said, "The DRHP will be filed by December 15 and the issue should hit the market in February."

The company recently resolved the issue with the shareholders and in it's extraordinary general meeting, the board approved the revival and issue of 81,983 shares, 2% unsecured redeemable debentures of Rs 100 each, which are optionally, fully or partly convertible at par or at premium to the shareholders in accordance with their entitlement. The group has huge expansion plans across the country for residential, commercial, retail, SEZs and hotel projects.

DLF recently acquired a huge chunk of land in Nagpur for an IT SEZ. The firm is now looking for land in Kolkata as well as Amritsar for setting up malls, each spread over 10-15 lakh square feet. The investment in each project is expected to be over Rs 500 crore. The malls would be spread over an area of around 10 lakh square feet.

It is also coming up with projects in Pune, Indore and Hyderabad. "In the next 8-10 years, DLF would be having around 100 million square feet of space," says a company executive. The group is already expanding its presence in Gujarat. It plans to invest over Rs 40,000 crore in the state. The group intends to come up with an international city in Surat.

DLF is coming up with three IT parks in the state, one each in Ahmedabad, Gandhinagar and Vadodara. It also plans to launch townships and mall projects in Ahmedabad, Vadodara and Surat.