Friday, February 8, 2008

Emaar MGF IPO subscribed 0.83 times

The initial public offer of Emaar MGF Land, a joint venture between Emaar Properties of Dubai and MGF Development of India, has not touched required subscription figures of 0.90 times yet despite extending its issue by five days with the permission from market regulator, Sebi and reducing a lower end of price band by Rs 10 to Rs 530 from earlier Rs 540. The new price band has fixed at Rs 530-630. The issue will close on February 11.
Public issue has subscribed 0.83 times, as per data available on NSE website. Reserved portion of QIBs and HNIs got subscribed close to 1 time each and retail investors subscribed 0.47 times.

It has opened for subscription with its initial public offering of 102,570,623 equity shares. The issue proceeds will be used for part payment towards the acquisition of land and land development rights and related approvals for its ongoing and planned projects, the development and construction costs for project Palm Drive in Gurgaon and repayment of loans.

The global co-ordinators and book running lead managers to the issue are Enam Securities Private Limited and DSP Merrill Lynch Limited. The book running lead managers are Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and ICICI Securities Limited

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