DLF Ltd of India is in deep planning to sell off 81 million shares through institutional placement sales with eight banks. This was confirmed through a term sheet reviewed by Reuters last Tuesday.
The price range as well as the volume of the sale are yet to be finalized in the term sheet. There was also no schedule as to the holding of the IPO.
DLF has chosen Bank of America-Merill Lynch, Deutsche Bank AG, JP Morgan Chase and Standard Chartered Bank. It also included CLSA, HSBC, Kotak and UBS to manage the sale according to the filed document with regulators.
As a result of the filing, DLF shares jumped by 1.3% to 235.80 rupees per share.
The IPO is compliant with SEBI guidelines that require 25% minimum public shareholdings for a listed company. The promoters would be holding 78.58% in the firm as of March 31, 2013 and the IPO would lower their shareholdings to the mandated 75%.
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