DLF to raise Rs.2100 Cr via institutional placement program

India’s largest real estate firm DLF plans to raise Rs.2,100 Cr through institutional placement program (IPP)- a system in the market in which the stakes are sold to qualified institutional buyers.
DLF to raise Rs.2100 Cr through IPP.

DLF to raise Rs.2100 Cr through IPP.

DLF, India’s largest real estate firm, by April 2013, will raise over Rs.2100 Cr via selling its shares to qualified institutional buyers. The real estate major will sell around 8.1 Cr shares of the firm to raise the fund.

Though the move is in line with the guidelines specifying 25% public shareholding, the main aim of the move is to help the firm reduce the debt.  However the Rs.2100 Cr fund is one of the biggest ever- raised through IPP, in India.

An official said that they have already started discussions with the bankers. He added that the firm is likely to appoint around three or four merchant bankers soon for the purpose. Though the pricing is not yet done, the official said that the shares will be priced either at the current market price or there may be a 5% discount in the existing prices. However the prices will be as per the prescribed guidelines of IPP, he added. Continue reading

2/5 is Navin Fluorine International’s rating

Navin Fluorine International has been awarded two stars out of five by CRISIL Equities, the Credit rating agency.
The rating implies that the company`s fundamentals are moderate relative to other listed equity securities in India.
This rating has been given to Navin due to its long-standing presence as one of the four main fluorine players in India. Our grade is moderated by the stagnation in Navin`s main lines of business refrigerants and bulk fluorides. The production of Navin`s flagship refrigerant HCFC 22 is being phased out under the Montreal Protocol due to its ozone-depleting nature. Also, at the same point of time, sales of low-margin products, i.e. bulk fluorides, are facing tough competition from China.
 CRISIL’s criteria for rating Navin 2/5 are the following:
1. Significant non-operating assets in the form of cash.

2. Balances with group companies.

3. Real estate
 4. Investments in group companies through equity, and preference shares.

JP had a Turnover of Rs. 10,000 cr.

Barclays Building in Docklands
Photo by Destinys Agent
The Jaiprakash Associates, one of the leading infrastructure companies in India has covered a turn over or more than Rs. 10,000 cr.

The Jaiprakash Associates Limited (JAL), the leading infrastructure pudding stone having business interest in the area of cement, construction, engineering, expressways, power and associated real estate and hospitality, in order to continue the growth drift, has announced a net profit for FY10 on higher revenue. For 2009-10, a final dividend of Re.0.54 per equity share of Rs 2/- each has been advocated by the company’s board.

In the financial year 2009-10, Jaypee has shown a remarkable growth. Its total revenue exceeded by 72%; from Rs 5979.52 cr. to Rs 10316.04 cr. Although the EBIDTA went through a hike of 40.36%; from Rs 2059.91 cr. to 2891.44 cr., for the financial year 2010, the net profit registered a growth of 90.45%; from Rs 897.01 cr. in FY09 to Rs 1708.36 cr. in FY10. The revenue for this year on the basis of shares was up by 87.47%; from Rs 4.31 to Rs. 8.08.