Lehman Brothers has been awarded a bookrunning mandate on the biggest initial public offering in Indian history, the $2bn (€1.5bn) float of real estate company DLF, after the firm removed Morgan Stanley's Indian unit from the underwriting position.

New Delhi-based DLF, owned by billionaire Kushal Pal Singh, will be relaunched this quarter after its float was pulled last August due to shareholder disputes and valuation concerns.