DLF, the Indian construction firm owned by the family of Kushal Pal Singh, is planning to raise more than $1 billion ($642 million) of private equity and debt for its subsidiary DLF Assets, according to the Indian business publication DNA.
The reported quoted DLF officials as saying that although a public listing had been planned for DLF Assets, the firm has decided that current market conditions do not favor this route. So the firm is raising financing for the unit through a private placement of equity instead. The firm had been expected to file papers for a $2 billion real estate investment trust on the Singapore Stock Exchange.
DLF Assets has reportedly already received $400 million from D E Shaw and $200 million from Lehman Brothers. In May, it received an investment of $450 million from London-based Symphony Capital.
The source added that the financing could include a convertible debt portion.