Following the robust growth real-estate stocks have witnessed on the Indian stock exchange, a major global player is now looking for a slice of the action.
MUMBAI: Following the robust growth real-estate stocks have witnessed on the Indian stock exchange, a major global player is now looking for a slice of the action.
The joint venture of Dubai-based Emaar Properties PJSC and MGF Development Ltd of India, Emaar MGF Land Ltd, has filed its Draft Red Herring Prospectus (DRHP) with regulator Securities and Exchange Board of India (Sebi), the company said in a press statement on Wednesday.
Emaar MGF plans to issue 117 million equity shares of Rs 10 each. Though the price band for the issue is yet to be disclosed, agency reports suggest that the company seeks to raise around Rs 4,000 crore from the markets.
The biggest amount raised so far through initial public offerings (IPOs) has been that of DLF, which raised Rs 9,187.50 crore; Cairn India raised Rs 5,788 crore.
Enam Securities, DSP Merill Lynch, Citigroup Global Markets India, Kotak Mahindra Capital, HSBC Securities and Capital Markets (India), JP Morgan India and Goldman Sachs (India) Securities will be the book running lead managers to the Emaar MGF public issue.
Apart from building residential, commercial and retail properties, Emaar MGF also develops properties in sectors like healthcare, education and infrastructure. The company is in the process of developing properties at Gurgaon, Mohali, Delhi and Hyderabad.
The money raised through the public issue is likely to be utilised for constructing master planned developments to provide fully integrated self-contained communities and standalone development. The company is seeking to list on both the Bombay Stock Exchange and the National Stock Exchange.
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