Emaar’s Indian subsidiary, Emaar MGF, will appoint investment banks to manage its planned US$800 million (Dh 2.94 billion) initial public offering on India’s stock exchanges next month, The National has learned.
Emaar was forced to withdraw plans to raise almost $2bn early last year, when India’s stock market collapsed, leaving the Indian subsidiary reliant on its parent company in Dubai to fund its projects.
Emaar MGF’s return to the market has been made possible by the surge in investor appetite for Indian stocks after the recovery of markets worldwide and with the stable government India voted into power in early May.
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