| Press Trust of India / New Delhi January 11, 2008 |
| Real estate major Emaar MGF has received market regulator Sebi's approval to launch an initial public offer to raise about Rs 7,000 crore. The issue is likely to hit the capital market in the first week of February, and is expected to be listed by February-end, banking sources said. |
| Emaar MGF, a joint venture firm between Emaar Group of Dubai and Delhi-based MGF Development, had filed a draft red herring prospectus with Sebi in September last for selling 10% stake (11.74 crore shares) in the company to the public through the IPO. Emaar Properties chairman Mohamed Ali Alabbar had said in December that the JV firm would be raising about USD 1.7 billion through dilution of 10% stake. DLF, the biggest real estate firm, had last year mopped up over Rs 9,000 crore from its IPO. The global coordinators and book running lead managers to the issue are Enam Securities and DSP Merill Lynch. The Citigroup Global Markets India, Kotak Mahindra Capital Company, HSBC Securities and Capital Markets, JPMorgan India and Goldman Sachs (India) Securities have been appointed as book lead managers for the issue. The equity shares of the company would be listed on the Bombay Stock Exchange and National Stock Exchange. Emaar MGF has a land bank of over 12,500 acre, which is spread over 22 cities in 16 states in India. It has commenced projects in eight cities in seven states in India. The company is engaged in development of properties in residential, commercial, retail and hospitality sectors. In addition, it has identified healthcare, education and infrastructure as business lines for future growth. |
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