Real estate major DLF plans to raise $1.5 billion through an international debt float. Of this, the company plans to spend $750 million buying land and building properties in India and abroad. The remaining amount will be used to buy shares in an IPO by group company DLF Offices Trust in Singapore. According to sources, the company has appointed Lehman Brothers and Goldman Sachs as its advisors for the issue.
DLF Offices Trusts issue may hit the Singapore markets in January. This issue will be the second initial offering in Singapore of an Indian real estate investment trust.
These plans were approved by the company's board on Thursday.
Of late, the company has been very aggressive in forging international deals. In August, it formed a joint venture with Hines, a closely held US-based property investor, to develop an office, retail, hotel and entertainment project on a 15-acre site in Gurgaon. This month, DLF signed a collaboration with a unit of Dubai World to develop a $15 billion township near Bangalore.
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