DLF Assets (DAL), the property fund of DLF, will raise around $450 million from a cluster of private equity investors including JP Morgan Asset Management, Texas Pacific Group and others, reports CNBC-TV18, quoting investment banking sources. When contacted, a TPG offcial said that they would not like to comment.
The DAL PE deal, in which JP Morgan and Texas Pacific will together put in $200 million, is likely to be signed in the next few days, and DAL will receive money by January-end, sources added, adds the report.
DAL owes Rs 4,804 crore to DLF as on September 30, 2008 and was targetting capital raising to the tune of $400–500 million.
DLF Assets Pvt. Ltd. (DAPL), which is independent of DLF Ltd, is the property fund of the company which was set up for bidding along with other companies in potential assets sale by DLF. DAPL was planning a Singapore listing in June after its plans for a domestic float called off due to weak market conditions.
Its plans for a Singapore listing, which was to raise $2 billion, were also deferred and the company is awaiting for suitable market conditions. DAPL has raised $450 million from Symphony Capital, a London based investment firm in May this year.
November 26, 2008
Will DLF move up from current levels,kindly reply