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FINANCIAL NEWS
Emaar MGF to launch $358m IPO
02 Oct 2010
(MENAFN) The Indian joint venture of Dubai’s Emaar Properties plans to launch an IPO by December to raise up to $358 million, less than half the size announced earlier, Reuters reported.
Emaar MGF, the builder of New Delhi’s Commonwealth Games village that has come under criticism for shoddy construction, said in a statement it had filed papers with the capital markets regulator for the IPO.
The issue size has been lowered keeping in view the existing fund requirements, a company spokeswoman said in the statement, but gave no details of the size or when the sale would happen.
The company had said in April it would launch a $770 million IPO in 90 days.
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