Thursday, January 18, 2007

Emaar-MGF to raise Rs. 13,000 crores in IPO

Emaar-MGF, the real estate JV between Dubai-based Emaar Properties and Delhi’s MGF Developments, is planning to follow in the footsteps of peer real estate major DLF. The company is set to raise around Rs. 13,000 crores from the capital markets to fund its rapidly growing property development business in India. The Emaar-MGF IPO is expected to hit the markets in the second half of 2007.

Emaar-MGF has projects in over 30 cities in residential, commercial, infrastructure, hospitality sectors and special economic zones across India. According to company estimates, it would require $4 bn to fund these projects, of which $1 bn was brought in through foreign direct investment last year. The company is hoping to raise the rest of the capital through the IPO and private placement.

Read the Business Standard article.

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