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Emaar MGF, Two Others Seek Approval for IPO.

Summary: DUBAI -- Emaar MGF, a joint venture between Dubai-based Emaar Properties and India's MGF Developments, leads three Indian real estate companies planning to raise up to Rs75 billion or about $1.5 billion through an initial public offering.

Unnamed sources on Tuesday said that Emaar MGF amd Sahara Prime City have already filed papers with India's stock market regulators to raise Rs35 billion and Rs40 billion, respectively, from the IPO exercise.

Separately, another developer, Lodha Developers, is also expected to seek regulatory approval for its IPO which is seen raising up to Rs30 billion.

In August, Emaar Properties confirmed that its subsidiary in India, Emaar MGF, will sell a 10 to 15 per cent stake to raise about $800 million.

Emaar MGF's plan to go public is the second attempt in as many years by the company which has ongoing projects ranging from infrastructure to residential and commercial developments.

The company withdrew its Dh5 billion Initial Public Offering in February 2008, after it received lacklustre response from investors amid the tumoil in financial markets.


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Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Oct 1, 2009
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