DLF IPO to hit the market by July 15
New Delhi: Real estate company DLF Saturday said its initial public offering to raise about Rs13,500 crore is on schedule and would hit the market by July 15.

Saurabh Chawla, senior vice-president - finance, DLF said, There will also be no dilution as far as the number of shares to be issued are concerned or the amount that we plan to raise. The valuation is a product of discovery of price through the book-building route. We will determine the price of the shares in consultation with the merchant bankers after we get SEBI's go ahead."

The company also clarified its position with regard to allegations by the company's minority shareholders on non-receipt of Letter of Offer for DLF's rights issue of debenture that opened for subscription on December 29, 2005 and closed on January 18, 2006.
Back to News Review index page  

Indiabulls to allot pref shares
Mumbai: Indiabulls Financial Services would allott convertible and non-convertible preference shares worth Rs 644 crore to Oberon a special purpose vehicle wholly owned by Farallon Capital Management LLC, according to an Indiabulls release.

The convertible preference shares are convertible at a price of Rs 300 into 1.15 crore shares of Indiabulls and bear a dividend of five per cent, for a total consideration of Rs345 crore. The conversion price of Rs300 is at a premium to the closing price of Indiabulls shares on the stock exchanges in the last trading session of Friday, the release said.

The non-convertible preference shares will be allotted for Rs299 crore and carry a dividend of five per cent a year for the first 18 months and then 10 per cent a year for the next 18 months.

The transaction is subject to the approval of shareholders of Indiabulls. Following the allotment of shares to Oberon, the consolidated net worth of Indiabulls will increase to Rs2,400 crore.

The company also expects the demerger of Indiabulls Real Estate Ltd, its real estate undertaking to be completed in calendar 2006, subject to necessary approvals from authorities, the release added.
Back to News Review index page  

NCDEX to launch polymer futures
Mumbai: The National Commodity & Derivatives Exchange (NCDEX) is planning to launch three contracts in polymer including polyprolylene (MFI-10-12 prime grade), polyvinylchloride (PVC) and LLDPE (MFI-0.85-1.00) and has sought approval from the Forward Market Commission (FMC) for its proposed foray.

Having been packed in 25 kg pack the polymers' contract size is 5 metric tonnes and would be traded in Rupee term with a delivery centre at ex-Bhiwandi.

On the domestic front, another national commodity exchange the Multi Commodity Exchange of India is presently trading on PVC while London Metal Exchange has been trading on the international arena.

LME launched futures contract in LL Film non slip variety of grade in June '05 with delivery centre in Houstan, Rottardam and Singapore.

In line with the LME, the NCDEX has selected a more widely accepted benchmark grade in the slip variety of LL film butene grade.
Back to News Review index page