DLF Assets, the property fund of DLF Ltd, plans to launch an initial public offer of its office trust in Singapore by June to raise over Rs 8,000 crore. DLF is India’s leading real estate company in terms of market evaluation.
DLF Assets, which has been set up to obtain completed commercial projects of India’s most-valued realty company DLF, is setting up to file the updated prospectus soon for its planned IPO for the approval of Singapore authority. The earlier prospectus had financial information only till September 2007.
DLF Assets had planned to float the IPO in January, but due to poor market responses and a worldwide market slowdown, the company decided to holdup its public offer in Singapore. The company had previously received the regulatory sanction from Singapore authorities to launch the IPO of DLF Offices Trust, the real estate investment trust of DLF Assets.
Freshly, DLF Assets Ltd has received four hundred fifty million dollar worth of funding from a London-based investment firm, Symphony Capital. Previously, DLF Assets received two hundred million dollar from a fund sponsored by Lehman Brothers and four hundred million dollar from another global investment firm, DE Shaw. The three rounds of funding enabled DLF Assets to pay part of its dues to DLF.
DLF Limited has reported net profit of two thousand one hundred seventy six crore rupees and revenue of four thousand three hundred six crore rupees for the quarter ended March 2008