Cyprus is a small island member of the European Union, constituting 0.2 per cent of the eurozone gross domestic product. During its growth phase, the Cypriot banking system developed vulnerabilities after suffering heavy losses during the Greek sovereign debt crisis. The European Central Bank, the International Monetary Fund and the European Union offered a bailout of US$16.9 billion if the Cypriot government could raise US$7.54 billion from within. The government had a few options on the table — a “one-off” stability levy on all bank deposits (a solution loathed by both native and foreign depositors), a bank restructuring plan, seeking help from Russia (which expected access to the island’s oil and gas reserves) and a complete banking system bailout (which would come with oversight and control from those offering the bailout). The economy was fast approaching a standstill and Cyprus had only two days to strike a deal to avoid the collapse of its banking system.

Cyprus is a small island member of the European Union, constituting 0.2 per cent of the eurozone gross domestic product. During its growth phase, the Cypriot banking system developed vulnerabilities after suffering heavy losses during the Greek sovereign debt crisis. The European Central Bank, the International Monetary Fund and the European Union offered a bailout of US$16.9 billion if the Cypriot government could raise US$7.54 billion from within. The government had a few options on the table - a "one-off" stability levy on all bank deposits (a solution loathed by both native and foreign depositors), a bank restructuring plan, seeking help from Russia (which expected access to the island's oil and gas reserves) and a complete banking system bailout (which would come with oversight and control from those offering the bailout). The economy was fast approaching a standstill and Cyprus had only two days to strike a deal to avoid the collapse of its banking system.

DLF was the largest real estate player in India, possessing a strong home market in Delhi and Gurgaon (the National Capital Region, NCR). The Indian real estate market was growing rapidly, and DLF wanted to convert this growth opportunity into a country-wide presence by building significant land reserves. With huge debt on its balance sheet, the company decided to raise finance through equity. The stock markets were on a rise, and the timing was perfect to raise funds from an initial public offering (IPO). The company filed its draft red herring prospectus (DHRP) in May 2006, but soon afterwards the stock market scenario changed, and the company faced complaints from its minority shareholders. The global macroeconomic scenario had become a cause of concern too. DLF was forced to withdraw its DRHP and put its IPO plans on hold. This case is positioned in January 2007, when DLF had resolved its minority shareholders’ issue and had added significant portions to its land reserves. At that juncture, DLF’s management began the process of trying to gauge the circumstances before reintroducing its decision to go public.

DLF was the largest real estate player in India, possessing a strong home market in Delhi and Gurgaon (the National Capital Region, NCR). The Indian real estate market was growing rapidly, and DLF wanted to convert this growth opportunity into a country-wide presence by building significant land reserves. With huge debt on its balance sheet, the company decided to raise finance through equity. The stock markets were on a rise, and the timing was perfect to raise funds from an initial public offering (IPO). The company filed its draft red herring prospectus (DHRP) in May 2006, but soon afterwards the stock market scenario changed, and the company faced complaints from its minority shareholders. The global macroeconomic scenario had become a cause of concern too. DLF was forced to withdraw its DRHP and put its IPO plans on hold. This case is positioned in January 2007, when DLF had resolved its minority shareholders' issue and had added significant portions to its land reserves. At that juncture, DLF's management began the process of trying to gauge the circumstances before reintroducing its decision to go public.