Emaar MGF Land IPO gets above average rating
Emaar MGF Land Ltd on Sunday said its proposed initial public offering has been assigned an above average grading by Credit Analysis and Research Ltd.
By PTI |
NEW DELHI: Emaar MGF Land Ltd on Sunday said its proposed initial public offering has been assigned an above average grading by Credit Analysis and Research Ltd.
"The 4/5 CARE grading reflects above average fundamentals for the company," it said in a release.
The grading takes into account promoters' track record, especially the JV partner Emaar's experience in international real estate sector, its support to EMGF in providing capital assistance, access to global management and systems and the large land reserves across the country, it said.
The company has received SEBI approval for its IPO of about 117 million equity shares. It is in the process of filing its Red Herring Prospectus with the Registrar of Companies and the issue is expected to open soon.
Emaar MGF is a joint venture between Dubai-based real estate company Emaar Properties and MGF Development Ltd of India and is engaged in development of properties in the residential, commercial, retail and hospitality sectors.
"The 4/5 CARE grading reflects above average fundamentals for the company," it said in a release.
The grading takes into account promoters' track record, especially the JV partner Emaar's experience in international real estate sector, its support to EMGF in providing capital assistance, access to global management and systems and the large land reserves across the country, it said.
The company has received SEBI approval for its IPO of about 117 million equity shares. It is in the process of filing its Red Herring Prospectus with the Registrar of Companies and the issue is expected to open soon.
Emaar MGF is a joint venture between Dubai-based real estate company Emaar Properties and MGF Development Ltd of India and is engaged in development of properties in the residential, commercial, retail and hospitality sectors.
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