DLF pulls out IPO

New Delhi, Aug 31 (UNI) Pulling out of its Rs 13,500 crore controversy-ridden IPO, infrastructure and realty major DLF (Universal) Ltd today said it has withdrawn the draft red herring prospectus (DRHP) earlier filed with the market regulator SEBI.

However, the company claimed it will resubmit the IPO prospectus with the Securities Exchange Board of India (SEBI).

''Given the substantive positive developments since the filing of the document four months back, the company on the advice of its bankers felt it imperative to update it. It shall expeditiously update the information and resumbit it,'' the company said in a statement.

The DLF IPO was mired in controversies including the one related to the issue of rights shares. The company filed the draft document in May this year when the markets witnessed record meltdown. It was originally slated to be to be launched in mid-July.

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