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Thursday, September 27, 2007

Emaar MGF files DRHP with Sebi for IPO

Emaar MGF Land, a joint venture between one of the world’s leading real estate companies Emaar Properties PJSC of Dubai, and MGF Development of India, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to enter the capital market with its initial public offering (IPO) of equity shares.

The Company is proposing a public issue of approximately 117 million equity shares of Rs 10 each for cash at a price to be determined through a 100% book building issue.

The IPO size is likely to be about USD 1 billion. Emaar intends to raise Rs 4,000-4,800 crore via IPO.

The global co-ordinators and book running lead manager to the Issue are Enam Securities Private Limited and DSP Merill Lynch Limited. The Book Lead Managers are Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited and Goldman Sachs (India) Securities Private Limited.

The company is engaged in the development of properties in the residential, commercial, retail and hospitality sectors. In addition, it has taken steps to develop property in the healthcare, education and infrastructure sectors. Its operations span various aspects of real estate development such as land identification and acquisition; project planning, designing, marketing and execution.

The company has plans to construct master planned developments including residential, retail and hospitality properties to provide fully integrated self contained communities and stand alone development. Some of the current projects under implementation include development of Palm Springs, Palm Drive, Gurgaon, Mohali Hills at Mohali, common wealth games village, Delhi and boulder hills, Hyderabad.

The equity shares of the company, offered through this IPO, are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

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