DLF Limited IPO Message Board (Page 36)

i have applied for ten shares

i have already applied for 50 shares online. Should i withdraw my money ?
is this IPO has any future ?
any idea about listing price ?

DLF Subscription till 1 pm.

Total Issue Size 175000000
Total Bids Received 476253410
Total Bids Received at Cut-off Price 20187400
No. of times issue is subscribed 2.72

Hi,
Mr.Rajesh

This is the updated DLF Subscription till 1 pm.

Total Issue Size 175000000
Total Bids Received 476253410
Total Bids Received at Cut-off Price 20187400
No. of times issue is subscribed 2.72

Hi Fundoo,
I would rather subscribe to the thought
"That it is better not to make loss rather than making Profit"

I would be more than happy if DLF lists above Rs 550, bcos even I have applied for 10 Shares.....

Regards,
Sundaram.J.S.

This time taking risk...
tanushree was telling apply apply apply...
thats why..

keep finger crossed...

wait for 5th july when it will list... :)

Since I was not sure about the issue, I have applied for only 10 shares & have left the rest to god....
I do have a experience of buying a big issue previously in CAIRN & have burnt my fingers........

Regards,
Sundaram.J.S.

Hi,
This is the updated DLF Subscription till 12 pm.

Total Issue Size 175000000
Total Bids Received 450128260
Total Bids Received at Cut-off Price 16416520
No. of times issue is subscribed 2.57

where did u check this ? nseindia.com is not responding...

As of now, the issue is subscribed by 2.36 times. My expectation is that it would touch 4 to 5 times at the end of the day and retail might be around 2 times.

People are going to loose their money in this issue... it is going to be listed near 490-510...will go further downward..will settle at 460-470.. dont get fooled by 3 times subscription by QIBs. these qib waithdraw their appliccation at last time... better to invest in other ipos.

just chek the www.nseindia.com u will find their ...live book building of ipo .

How do I know the Bidding Status at 1PM for DLF ?

wait till 12:30 , or be ready for stop payments. if figures do not change than stop.

very bad issue avoid

dlf company is good. lekin pata nahi kyo..jab bi dlf ki baat aati hai, market me downwards dekhne ko milta hai...mere ko to ye market ke liye panoti lagta hai. sab uske khilaf bolte hai...to apun kyo risk le ??

avoid DLF ipo.........nthng 2 b said more about this cmpny.....

DLF (DO NOT LOSE FAITH).............will give a great return for sure and oversubscribe atleast 80 times on the last day today...........Vishal will justify its name and shall give VISHAL return ....Cheers

AVOID DLF AT ALL COSTS..... THE MARKET IS GOING TO CRASH AND DLF IS GOING TO BEAR THE MAXIMUM BRUNT. NO BUYER IN THE GREY MARKET.... AVOID

Hi Guys,
Amazing research by few critics of DLF IPO...

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37 Questions for dlf ltd. read before investing in the issue
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Dear Investors,
We have raised certain questions to the management of DLF Ltd. and most of them have remained unanswered. We suggest you to read these questions before you invest in DLF LTD.


1. DLF Ltd. promoter Rajiv Singh, along with certain persons acting in concert, admitted to a violation of the provisions of Regulation 11 (2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 by acquiring equity shares in excess of specified limits without making a prior public announcement as prescribed under the regulations. He agreed to pay a penalty of Rs. 500,000, which was accepted by the SEBI subject to certain conditions set forth in its letter dated February. Can you please tell us that how many shares were acquired by him at what price, in how much period, the modus operandi and the reasons for hiding this information?

2. DLF got its shares delisted from stock exchanges earlier. Was it an investor friendly move?

3. How much money has been given as advance to builders/partners in India with which your company has entered for joint development of property? Also what is the profit sharing ratio with the builders/partners?

4. What are the credentials of the builders/partners with whom your company has entered for joint development of property in the last one year?

5. How much worth of properties have been sold to NRI's in the last three years?

6. What is your accounting policy for treating any property sold? How much percentage of money received against any property is considered for property to be treated as sold?

7. What are your views on the prospects of real estate market and your capability to make good profits to serve shareholders?

8. What are the basis of valuation reports of Cushman & Wakefield and Jones Lang LaSalle, for estimating DLF properties?

9. There is a difference in the valuation of properties done by Cushman & Wakefield and Jones Lang LaSalle and this difference is Rs.81 billion which is a huge sum. What valuation you feel is the correct one and why?

10. How much partial payments have been made for the different pieces of land which you have planned to acquire?

11. What is the present floating rate of 40.0 billion debts (stated on page No. of prospectus) and how much it has increased in the last two years? Why did not you enter into choosing a fixed rate of interest for these debts?

12. Your company on April 30, 2006 had outstanding obligations to pay an amount of Rs. 28.7 billion towards the acquisition of lands. Can you please tell us that in how much time you have to make these payments? Are there any delays?

13. In valuations done by Cushman & Wakefield and Jones Lang LaSalle how much appreciation in land has been observed in the last three years?

14. Out of all the land bank mentioned in the prospectus, how many pieces of land you have as clear title and for how much clear titles are expected and by when?

15. How many of your agreements with third parties in relation to the purchase of land have expired or may be invalid and in money terms how much is the total amount?

16. In your prospectus you have said that "We may be forced to sell some or all of the assets in our portfolio if we do not have sufficient cash or credit facilities to make repayments" Can you please tell us that how many such assets have been sold so far? Also what is the criterion for maintaining these records?

17. What is the number of relationships with landowners and international joint venture partners; your company has at present?

18. Out of the public issue how much money you are raising for SEZ's, mega infrastructure projects and Hotels?

19. What is the 'specified formula' under which you have an option to require DLF assets to purchase your commercial and retail properties at a minimum price?

20. How shareholders' investors will be taken care of when DLF Assets will be buying properties from DLF Ltd as in both the companies promoters have controlling interest?

21. How much on an average your sale prices have increased in last three years against the rise in major raw material - steel and cement?

22. How much part of your income has accrued from property management services to your completed residential, commercial and retail developments in the last three years?

23. How much land agreements restrict your ability to sell, transfer or assign the lands without the prior consent of the relevant authority; out of your total land bank?

24. DLF power has to recover Rs. 60 crores from its customers as of March 31,2006 and if this amount is not realized then how much the operations of DLF Ltd. will be affected? When this amount is expected to be realized?

25. Why some independent agency was not hired to prepare the acreage and square footage data presented in this Draft Red Herring Prospectus?

26. With which companies, one of directors, Mr. Ravindra Narain is mentioned in the defaulters list in respect of default committed by two companies (which are not part of our company, subsidiary, or promoter group) where he was a director?

27. Company claims to have 60 year history of service excellence. Can you show us the record of sales and profitability for last twenty years of excellence so that investors can decide on their own?

28. Company has acquired "to develop over 118 million square feet of saleable or lettable area. A significant portion of our land reserves under development was acquired at a relatively low cost." (as per prospectus). What is this lower cost? Why vague, ambiguous and confusing words are used in prospectus to misguide investors?

29. It has been said in the prospectus that "We believe that our land reserves provide us with a major competitive advantage as well as protection against land price, inflation, and allow us to respond more effectively to changes in market conditions." (as per prospectus) You are looking only one side of the coin. What will happen if prices fall? Shareholders are benefited only if the market goes up and that you are distorting the facts by calling it "changes in market conditions". Changes can be both up and down.

30. Company has paid as on April 30, 2006, partial payments to acquire 2,893 acres of land across the country. What is the segregation of amount paid, name of cities and to whom this amount has been paid?

31. What were the reasons for furnishing old data and hiding latest information from the investors?

32. Why power supply sales have fallen in last three years from Rs. 114.90crores for Fiscal'2004 to Rs.108.70 crores for Fiscal'2006?

33. There is spurt in other income of Rs.16.70 crores (other than interest) for fiscal 2006. What is the source of this income?

34. Your income from investments has increased from zero for Fiscal'2004 to Rs.16.30 crore for Fiscal'2006. What is the source of this income and is it exception income or expected to continue in future and what are the possibilities of its moving up or down?

35. What were the reasons for almost more than 100% growth for fiscal'2006 in sales revenue at Rs.937.20 crores against Rs. 413 crore for fiscal 2005? How much growth was due to selling of more space and how much due to high profit margins?

36. Your sales for fiscal 2006 have increased by 298.40 crores against fiscal 2005 whereas your sundry debtors have increased by Rs.373.00crore in the same period. What are the reasons for the same? Does it mean that more sales have been done on credit to increase sales without increasing the realization?

37. What is the basis of assessment of goodwill which has increased from Rs. 52.20 crore for fiscal 2005 to Rs.848.90 crore for fiscal 2006?


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*Please see below responses to some of your queries: *


*Note: *We have raised 37 questions to the management of DLF Ltd. and only 6 easy questions have been answered by them. We are publishing herewith those answers for investors' benefit. Almost Entire valuation of the issue has been done on Valuation reports of Cushman and Wakefield and Jones Lang LaSalle which are not included in the RHP

*INTERVIEW OF T C GOYAL, DLF LTD. *


What is your accounting policy for treating any property sold? How much percentage of money received against any property is considered for property to be treated as sold?


Income from sale of constructed properties is recognised using the "Percentage of Completion" method. For more details of the accounting policy, please see page 386 of the Red Herring Prospectus (RHP)

What are the basis of valuation reports of Cushman & Wakefield and Jones Lang LaSalle, for estimating DLF properties?

There is a difference in the valuation of properties done by Cushman & Wakefield and Jones Lang LaSalle and this difference is Rs.81 billion which is a huge sum. What valuation you feel is the correct one and why?

*Valuation reports of Cushman and Wakefield and Jones Lang LaSalle are not included in the RHP *


Out of the public issue how much money you are raising for SEZ's, mega infrastructure projects and Hotels?

The purpose for which the funds are being raised in the public issue have been described in the section "Objects of the Issue" on page 44-47 of the RHP

How shareholders' investors will be taken care of ...
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