The Hindu : Andhra Pradesh / Hyderabad News : DLF to invest Rs. 5,000 crore in State

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Saturday, Jun 02, 2007
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Andhra Pradesh

Andhra Pradesh - Hyderabad

DLF to invest Rs. 5,000 crore in State

Special Correspondent

Company's IPO to open on June 11

HYDERABAD: DLF Limited, a leading real estate player, on Friday said that it would invest Rs. 5,000 crore in the State, mainly in and around the State capital.

At a press conference to announce the company's initial public offer (IPO), chairman A.S. Minocha said DLF was already at work in Andhra Pradesh and was building a 3 million square ft Cyber City project in Gachibowli and an urban entertainment centre in the old Gandhi Medical College complex.

The company had been allotted a special economic zone of 26 acres in Poppalguda. Two properties on Road No. 2, Banjara Hills, were close to being finalised, as were some other properties in tier II cities like Visakhapatnam and Vijayawada. The IPO was aimed at raising Rs. 9,625 crore through issue of 17.5 million shares, Mr. Minocha said, adding that the issue would open on June 11 and close on June 14.

The price band was fixed between Rs. 500 and Rs. 550. While one million shares were reserved for employees, other reservations include 60 per cent for qualified institutional buyers.

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