Emaar MGF files for IPO with SEBI

MUMBAI: Bouyed by realty boom, Emaar MGF the joint venture of Dubai-based real estate player Emaar Properties and India's MGF, on Wednesday filed draft prospectus with SEBI for its 117 million shares public issue.

Emaar MGF has filed papers with the market regulator SEBI for divesting 10 per cent stake in the company to the public through to be carried out through a book building process. The shares have a face value of Rs 10 each.

Earlier this year, Emaar MGF vice Chairman and managing Director Sharavan Gupta had said we are well-funded company and have a very low level of debt and the company would be diluting 10 per cent share through its public issue.