DLF has made changes in its Board of Directors prior to the IPO. Rana Talwar, formerly the head of Standard Chartered Bank globally, and also the son in law of DLF owner KP Singh has been inducted into the board at DLF. Four independent directors have also been appointed to the baord including MM Sabharwal, ex-chairman of Bata, DV Kapur, ex-chairman Reliance Power, Ravinder Narain and KN Memani.
The company has also significantly enhanced its employee talent pool with the hiring of almost 200 managers in the last six months.
Consulting firm McKinsey has recently been hired by DLF group to effect a change in work culture and business practises at the real estate gian.
These moves appear to be aimed at preparing for the IPO and also in driving the transformation of DLF into a world-class company.
DLF is expected to raise between $3-3.5 Billion in an initial public offering that would offer up to a 12.8% stake in the company. The offer document indicates that the company plans to issue 202 million shares with an option to sell another 17 million shares. Jones Lang LaSalle, a leading property consultant, has valued its 228 million square feet holdings at approximately $19 Billion.
DLF plans to utilise the funds for further land acquisition, retiring debts, on-going construction, and its foray into development in the SEZ and hospitality sectors.
