DAL to get entry on Singapore listings
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A subsidiary of India’s top realty brand DLF – DAL has been at last put into the listing of Singapore market. As per the sources reported at www.propertykhazana.com investors of DLF has finally came up with the final verdict to list their ‘real estate investment trust’ firm for Singapore market on June 2010 which will be raising a sum of around 1.2 billion dollar. The arm of DLF – DAL is totally owned by the family of KP Singh responsible for dealings of commercial assets from DLF and also collects lease charges.
Later on it was also revealed by the close associates of the matter that “due to the extensive movements of Singapore market at many parts of northern India made DAL to append at the listing by the mid of the coming year. Source reported at www.propertykhazana.com also reveals that if the listing was not made then the investors like Symphony who has earlier made an investment of around 400 million dollars would exit their participants like the other major investors like DE Shaw.
On a short note with www.propertykhazana.com a spokesman of DLF states that “we are not in the position to comment on further issues of the listings so far. The company has also taken initiative for the same purpose earlier but due to the reason of economic slash the plans has to be postponed”. During last May the investors had cleared around 9.9 percent of their holdings in the company for the institutional investors to bring up nearly Rs 3870 crore which brought down the stake of the investors to 78.6 percent from that of 88.5 percent. In addition, an approximate of Rs 2300 crore to be paid by DLF to DE Shaw for acquiring stakes in DAL and the left over will be infused directly to the DAL. Till now, DAL owes nearly Rs 5000 crore to the parent company – DLF. For more and latest real estate updates browse www.propertykhazana.com.
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