Emaar MGF revises IPO price band at Rs 540-630

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Emaar MGF Land, a joint venture between one of the world's leading real estate companies, Emaar Properties PJSC of Dubai, and MGF Development Limited of India, has refixed the price band to between Rs 540 and Rs 630 per equity share of Rs 10 each from the earlier price band of between Rs 610 to Rs 690 per equity share for its initial public offering of 102,570,623 equity shares for cash at a price to be determined through a 100% book building issue.
 
The price band has been refixed considering the prevailing market sentiments and the developments in the financial markets in India and globally.
 
There will be no change in the bidding period, which will open on February 1, 2008 and close on February 6, 2008 as scheduled.
 
Emaar MGF commenced operations in India in February 2005 with the mission of being a real estate development company striving to develop and deliver unique integrated lifestyle and work place environments and planned developments. The primary business is the development of properties in the residential, commercial, retail and hospitality sectors. In addition, it has also identified healthcare, education and infrastructure as business lines for future growth. Its operations span across various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution.
 
As disclosed in the Red Herring Prospectus, 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 equity shares are proposed to be listed on Bombay Stock Exchange and the National Stock Exchange of India.
 
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.