DLF Universal plans largest ever IPO in India

New Delhi, Apr 20 (UNI) Delhi-based real estate major DLF Universal, which is working on nation-wide expansion plans in hotels and malls, today said it is coming out with the largest ever IPO of about two billion dollars in June.

''This should be the largest ever IPO in India,'' DLF Chief Financial Officer Ramesh Sanka told reporters here.

The K P Singh-promoted DLF Universal will raise two billion dollars by divesting about 10 per cent of its stocks thus indicating an enterprise value of 20 billion dollars.

According to company officials, the draft red herring prospectus will be filed with SEBI by end of April and the IPO is likely to hit the capital market in the first or second week of June.

The company has also convened a pre-IPO meeting of shareholders to get their nod on issues like spliting the Rs 10-share into five shares of Rs 2 each and issuing a liberal bonus of seven shares for each share held to the existing shareholders.

The company would be issuing 132,18,79,895 fully paid new equity shares as 7:1 bonus after spliting the shares.

UNI PC SS KP1908