DLF Ltd, the countrys largest listed property developer, has sought shareholders approval for raising up to Rs10,000 ($2.3 billion) by selling shares to institutional investors.
DLF has called a shareholders meeting on 30 September for the purpose and expects to complete the share sale within 12 months of the approval, the New Delhi-based company said in its annual report.
DLF had raised around Rs10,000 crore ($2.25 billion) in its initial public offer last year, and in July, the company said it would buy back shares worth Rs1,100 crore to boost sagging share prices.
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DLF Ltd (DLF.BO: Quote, Profile, Research, Stock Buzz), Indias largest-listed property developer, has sought shareholders approval to raise up to 100 billion rupees ($2.3 billion) by selling shares to institutional investors.
The New Delhi-based company said in its annual report for a shareholders meeting on Sept. 30 it expected to complete the share sale within 12 months of getting shareholder approval.
This is just an enabling resolution so that we can raise the money when we need, a DLF spokesman told Reuters.
More : reuters.come.
Dena Bank has decided to delist equity shares from the Ahmedabad Stock Exchange and Delhi Stock Exchange.
The public sector bank also appointed three directors representing shareholders other than Central government, Dena Bank informed bourses today.
The Extra Ordinary General Meeting (EGM) of the shareholders today approved delisting of share from The Stock Exchange, Ahmedabad and The Delhi Stock Exchange Association.
Three new directors were elected in the EGM from the shareholders other than government. They are Chintaman Mahadeo Dixit, Anup Mehta and Anil K Gupta.
MUMBAI : GMR Infrastructure Ltd, which has bagged the contract for Delhi airport modernisation, is close to making its third pre-IPO private equity placement to raise another Rs. 160-175 crore.
The company has almost concluded negotiations and Citigroup is expected to pick up 1.4 per cent stake in GMR in the next few days, investment banking sources told PTI.
Mumbai : Indiabulls Financial Services Ltd has said it is seeking Delhi High Court approval for the demerger of its real estate business into Indiabulls Real Estate Ltd (IBREL).
The company has filed an application with the Delhi High Court for seeking its approval to demerge the real estate business into IBREL, which would be a separately traded public company once the proposed demerger is completed, it informed the Bombay Stock Exchange.
The company is also seeking Delhi High Courts directions to convene and hold meetings of the equity shareholders and unsecured creditors of the company for this, it said.
US bank Wachovia could pick up a significant equity stake in Hiranandani Realtors, part of Mumbai-based property developer Hiranandani Group. In the past one year, Wachovia has invested Rs 304 crore into the Indian firm through financial instruments that will be converted into equity.
A source involved in the transaction said Wachovia had entered into an agreement in August 2007 to invest $77 million in Hiranandani Realtors. The investment was to be in multiple tranches through debentures. As per mandatory documents submitted to the RBI, the debentures were issued in three phases starting October 2007 and the last tranche of
