Source : The Business Times, September 20, 2007
(MUMBAI) DLF Assets, a privately held Indian firm, plans to raise about US$2 billion and get listed as a real estate investment trust in Singapore, an Indian newspaper reported yesterday.
The company was founded by KP Singh, chairman of real estate firm DLF Ltd, which raised 91.88 billion rupees (S$3.46 billion) in India's biggest-ever IPO in June.
A spokesman for DLF Ltd could not be reached for comment. But a top DLF official, who declined to be named, said that Goldman Sachs and Lehman Brothers were advising the company and that it was in a 'silence period', and so declined to comment further.
DLF Assets has a portfolio of special economic zones and infotech parks, the Business Standard newspaper said.
It quoted a company source as saying that DLF had sold some of its leased commercial properties to DLF Assets to separate its development and asset ownership businesses.
The company source told the newspaper that DLF Assets had paid about 24 billion rupees to DLF against a total consideration of 40 billion rupees.
Earlier this year, media reports said that US-based hedge fund DE Shaw had invested US$400 million in DLF Assets, while a fund sponsored by Lehman Brothers had invested US$200 million in the company.
DLF Ltd's shares were up 5.6 per cent in a firm Mumbai market at 5.44 am GMT. -- Reuters
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