Emaar MGF Land revived plans to sell shares in India for the first time, leading Rh182bn rupees ($4bn) of property offers at a time rising interest rates are deterring homebuyers.
Emaar MGF, the Indian joint venture of the United Arab Emirates’ biggest developer, intends to sell stock in the next three months, Shravan Gupta, executive vice chairman said yesterday. The New Delhi-based developer secured approval to sell as much as Rh38.5bn rupees of shares, two years after scrapping a planned Rh64.64bn rupee offer as stock markets slumped.
The sale will compete with Lodha Developers, Sahara Prime City and Nitesh Estates, which are attempting the second-highest fund raising by property companies.
Emaar-MGF currently has 30m sq ft land under construction and plans to add another 15m sq ft in the next one year.
bloomberg.com, The Economic Times