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Emaar-MGF JV to raise $2.9 bln in biggest India IPO-report |
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1/15/2007 10:21:38 AM |
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MUMBAI (Reuters) - A joint venture of Dubai's Emaar Properties and India's MGF Developments Ltd. plans to raise about 130 billion rupees ($2.93 billion) in an initial public offering (IPO) in India, the Business Standard said.
The IPO, which could be India's biggest to date, is expected to hit the market in the second half of 2007, the paper said, ci ting sources close to the development.
Emaar MGF Land Ltd. has said it may sell 5-10 percent of its equity in an IPO this year.
It has a land bank of more than 5,000 acres and is developing townships, malls, apartments and infrastructure projects. It also has a joint venture with French hotel firm Accor to develop 100 hotels in India with an investment of $300 million.
Emaar MGF will go toe-to-toe with rival DLF Ltd., which filed an IPO prospectus earlier this month after pulling a planned issue last year. A banker told Reuters that DLF could raise more than $2 billion from a sale of 10.2 percent of its equity.
Land and property prices in India have risen sharply in the last two years as demand has soared in a fast-growing eco
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