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Finance, Accounting and Control Case Study

Case Title:

India's Largest Ever Public Issue by Indian Real Estate Giant DLF: Smudged by Valuation

Publication Year : 2010

Authors: S Chaudhuri, S Nath and S Hussain

Industry: Building Materials and Construction Equipment


Case Code: FAC0047IRC

Teaching Note: Not Available

Structured Assignment: Not Available

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Launched in 1947, the DLF group (Delhi Leasing and Finance Limited), is one of India?s largest construction companies that specialises in building townships in and around the Indian capital city of Delhi. Its business comprises constructing residential, commercial and retail building spaces. In 2006, DLF launched its IPO (initial public offering) in the Indian capital market. DLF faced allegations that it had window dressed its financial statements to launch the IPO at a higher price. Analysts felt that the timing of the launch was wrong. The issue also raised suspicion with respect to corporate governance practices followed by DLF.

Pedagogical Objectives:

  • To understand the Indian real estate sector, especially the role of DLF.
  • To understand the valuation of a company.
  • To analyse how window dressing affects the financials of a company
  • To understand the importance of corporate governance practices in gaining shareholder confid.

Keywords :  Real estate, India, IPO (initial public offering), Window dressing, Valuation, Corporate governance, DLF (Delhi Leasing and Finance Limited), Stock split, Market capitalisation, NAV (net asset value), Capital market, Gurgaon, Listing, Rights issue, SEBI (Securities and Exchange Board of India)

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