October 23, 2007 / 2:05 AM / 11 years ago

India DLF looking to raise $500 mln offshore-papers

MUMBAI, Oct 5 (Reuters) - DLF Ltd (DLF.BO), India’s largest real estate developer, is in talks with private equity firms and investment banks to raise 20 billion rupees ($500 million), newspapers reported said on Friday, citing unnamed sources.

The Times of India and the Economic Times said DLF was in talks with firms including Carlyle [CYL.UL], Merrill Lynch MER.N, JPMorgan (JPM.N) and Crown Capital.

A DLF spokesman told Reuters the company was in talks with private equity firms, but did not say how much it was planning to raise.

Citing unnamed sources, the Times of India said DLF would use the funds to finance an overseas acquisition, which it could announce by the second week of October.

The Economic Times, also citing unnamed sources, said the proposed fund raising was for financing ongoing projects.

DLF raised $2.25 billion in the country’s largest-ever IPO in June. On Thursday, it said its board would meet on Oct. 11 to consider overseas acquisitions and fundraising. ($1=39.5 rupees)

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