DLF Ltd.

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Investee: DLF Ltd.

Investor: Merrill Lynch & Co.

Investment Value: $377 mn

Naveen Jain, Real Estate Analyst, Emkay Research, says, “DLF, one of the largest real estate company in the country, and has huge land reserves which it plans to develop over the next 10 years or so. The company already has a large pipeline of projects, which are currently under development and require funds to meet the working capital requirements. By raising funds at the project level, as has been done in the Merrill Lynch deal, the company has not only got the necessary funds to develop these projects but it has also unlocked value in the properties for the shareholders.“

After pioneering Indian real estate domain, the richest realtor in the orb, K.P. Singh of DLF, is painting the town red by redrafting the technique to unlock value in the real estate prefecture. The company raised as much as Rs.1,481 crores by selling 49% of the promoter’s stake in eight of its residential projects to Merrill Lynch. The move comes in good time for both since, of late, DLF has increased its focus on the burgeoning housing segment and that too in the Rs.4-5 million bracket – which is the pulse of the Indian housing segment. DLF will enjoy a significant increase in its net asset value and Merrill Lynch will encash exciting returns. The housing projects in which stakes have been diluted are located in the cities of Chennai, Bangalore, Kochi and Indore. Besides, in order to re-enforce its strength in the domain, DLF recently announced a $15 billion deal with Dubai’s Limitless Group to build a township in Bangalore. Moreover, with its billion dollar projects across various segments (Hotels, Commercial, infrastructure, et al), it looks like DLF is racing against itself.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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