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DLF issue opens on June 11

Corporate Reporter

JV with U.K.-based construction firm

CHENNAI : `Special Economic Zones' (SEZs) are a new opportunity in India and the real estate company DLF has identified several potential locations for IT specific SEZ development, according to A. S. Minocha, Chairman, DLF Commercial Developers, a group company. Addressing presspersons here in connection with the public issue, he said the company had obtained final approvals from the Board of Approvals for two IT-specific SEZs in Gurgaon and one in Pune. It had also received the final notification for its IT-specific SEZs in Chennai and "in principle" approvals with respect to IT-specific SEZs in Delhi and Bhubaneswar.

DLF is entering the capital market on June 11 with a public issue of equity shares of Rs. 2 each through 100 per cent book building process. The issue closes on June 14.

The price band has been fixed at Rs. 500-550 per equity share. Out of the net proceeds of the issue, the company proposes to utilise Rs. 3,500 crore for acquisition of land and development rights, Rs. 3,493 crore for development and construction costs for existing projects .

The company had recently entered into a joint venture with Laing O'Rourke plc, a leading U.K.-based construction company.

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