The Dubai based Emaar group has purchased an additional 1.36% in its Indian joint venture Emaar MGF Land for Rs 922 crore, ahead of the initial public offer, which is scheduled to open on February 1. Emaar group has been allotted 13.37 million shares in the company, sources close to the deal said. The additional stake was purchased through a group company Emaar Holding II.
Emaar MGF Land is a joint venture between Emaar Properties of Dubai and MGF Development. Emaar group holds 41.9% stake in the JV while MGF holds 53.3% stake. Shravan Gupta, managing director, Emaar MGF confirmed the development. However, he refused to divulge any details. The shares allotted to Emaar Holding II are subject to a three-year lock-in period.
According to the existing SEBI guidelines, Emaar Holding II and Kallarister Trading company are the vehicles through which the Emaar group currently holds a 41.9% of the pre-issue equity in Emaar MGF.
Emaar is one of the world’s leading real estate companies having developed approximately 50 million square feet of real estate across residential, commercial and other business segments and with operations in 16 countries, as of December 31, 2007. MGF has over the last 10 years established itself as one of the key players in retail real estate development.
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