NEW DELHI: Billionaire businessman K P Singh- promoted DLF Assets Ltd is likely to launch the public offer of its office trust in Singapore by June to raise over $2 billion (over Rs 8,000 crore).
DLF Assets, which has been set up to acquire completed commercial projects of India's most-valued realty firm DLF, is planning to file the updated prospectus soon for its proposed IPO to the Singapore authority, the market sources said.
The company plans to raise over $2 billion from IPO, expected to hit the market by June end, they added.
DLF Assets had planned to bring the IPO in January, but decided to delay its public offer in Singapore because of volatility in the stock markets across the world.
It had received the regulatory approvals from Singapore authorities to launch the IPO of DLF Offices Trust, a Real Estate Investment Trust (REIT) of DLF Assets.
However, the company would file an updated prospectus because earlier document had financial information till September 2007, sources said. DLF office Trust would get fresh approval very shortly, they added.
Last year, DLF Assets had raised 400 million dollars and 200 million dollars from global investing firm D E Shaw and a fund sponsored by investment banking firm Lehman Brothers respectively.
DLF Assets has raised 450 million dollars from Symphony Capital in pre-IPO placements. The promoters have pumped in about Rs 1,200 crore in the company, which sources said would help increase investors confidence, besides providing more returns to them as 90 per cent of the profit is distributed to the investors as dividend in REIT.
DLF Assets, which has been set up to acquire completed commercial projects of India's most-valued realty firm DLF, is planning to file the updated prospectus soon for its proposed IPO to the Singapore authority, the market sources said.
The company plans to raise over $2 billion from IPO, expected to hit the market by June end, they added.
DLF Assets had planned to bring the IPO in January, but decided to delay its public offer in Singapore because of volatility in the stock markets across the world.
It had received the regulatory approvals from Singapore authorities to launch the IPO of DLF Offices Trust, a Real Estate Investment Trust (REIT) of DLF Assets.
However, the company would file an updated prospectus because earlier document had financial information till September 2007, sources said. DLF office Trust would get fresh approval very shortly, they added.
Last year, DLF Assets had raised 400 million dollars and 200 million dollars from global investing firm D E Shaw and a fund sponsored by investment banking firm Lehman Brothers respectively.
DLF Assets has raised 450 million dollars from Symphony Capital in pre-IPO placements. The promoters have pumped in about Rs 1,200 crore in the company, which sources said would help increase investors confidence, besides providing more returns to them as 90 per cent of the profit is distributed to the investors as dividend in REIT.
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