Monday, November 06, 2006


Type of Issue : Book Built
Issue Opens: 06 November, 2006
Issue Closes: 10 November, 2006
Issue Size : 33,238,000 (No. of Shares)

Lower Price Band : Rs.250
Upper Price Band : Rs.300

Application Multiple: 20 and in multiples there off starting with atleast 20 shares.

Maximum Shares: 320 (for Retail)

Information URL :
Prospectus URL :

ISSUE Description:

Company Background
PDL is one of the leading real estate development companies in India with operations in 41 cities and 14 states of India. It has traditionally operated in the northern part of the country. So far it has developed residential and commercial properties totaling 3.5 million square feet.

As of October 15, 2006 PDL directly holds/owns development rights for an estimated 108.64 million square feet of saleable area. PDL has acquired land/development rights in connection with development rights in connection with development of 20 integrated townships, 27 commercial complexes including shopping malls, multiplexes, office space and a complete metro station and 25 residential complexes. PDL also intends to construct 14 hotels and 4 IT parks. Further, PDL has obtained in principle approval from GoI for development of 9 SEZ projects.

From FY 2002 to FY 2006, PDL’s total revenue has grown at a CAGR of 121.23%.During the same period, PDL’s PAT has increased at a CAGR of 138.67%.

PDL plans to expand into new locations in India, diversify the portfolio of projects undertaken, outsource effectively to increase scale of operations and reduce capital investments and customize projects to take advantage of tax benefits.

Objects of the Issue:

To meet the cost of development and construction of some of PDL’s projects and to achieve the benefits of listing on the Stock Exchanges.

Key Financials for year ended March 31, 2006
Net Revenue : Rs. 6537.67 Million
Profit after Tax : Rs. 1064.84 Million
Return on Net Worth 53.19%
EPS : Rs.7.21 Net Asset Value per equity share : Rs. 13.


Looking at the Indian demographic situation, land will be one of the most prized commodities of the future. PDL with its strong management team, land bank of huge saleable area, multi locational presence and proven execution ability, looks a good bet for the long term. Apply aggressively