May 2009
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Godrej puts IPO on hold, talks to PE funds

The Godrej group is putting on hold the plan by Godrej Properties to raise Rs 600 crore through an initial public offering. The plan, to offload a 13.5 per cent stake in the real estate company, is being postponed till the IPO market shows signs of revival. Instead, funds for immediate need are being raised through banks or private equity funds. The company had proposed to use Rs 355 crore from the IPO proceeds for acquisition of development rights for its forthcoming projects in Ahmedabad and Greater Noida, Rs 75 crore for construction of proposed projects in Chandigarh and Rs 150 crore for repaying loans, according to the draft red herring prospectus filed by the company with the capital markets regulator. […]

May 13th, 2009

DLF Founders Sell 9.9% Stake To Raise INR38.60 Bln

DLF Ltd. said Wednesday some of its founders have sold about 9.9% of the company's shares for about INR38.60 billion ($781 million) in the open market. The founders sold about 168 million shares at just above INR230 apiece, India's biggest realty company by sales said in a statement. The transaction was at a 2.6% discount to the closing price of DLF shares Tuesday, it said. DLF didn't identify the founders who sold the shares. Its founders comprise billionaire K. P. Singh, his family and several investment companies. The transaction will reduce the founders' stake to 78.6% and nearly double the company's floating shares to 21.3% from 11.4%, it said. Deutsche Bank and J.P. Morgan were the advisers for the deal. […]

May 13th, 2009