22 May 07 Pre IPO placements by Real Estate Firms
The government of India is having a re-look at the policy governing the pre IPO sale of shares by real estate companies to foreign institutional investors (FII’s). The RBI’s stand is that pre IPO placements be treated as foreign direct investment (FDI) and not as foreign institutional investment (FII Investment) since foreign direct investment (FDI) is made by the promoters at their discretion. Any policy change will have significant importance considering the fact that DLF is coming out with a MEGA IPO next month.
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