Emaar MGF Plans to Sell Shares in an IPO in 90 Days

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Emaar MGF Land Ltd., the Indian joint venture of the United Arab Emirates’ biggest developer, plans to sell shares in an initial public offering in 90 days.

The property company will decide the amount to be raised closer to the offer date, Shravan Gupta, executive vice chairman and managing director of the New Delhi-based developer, told reporters today. Emaar MGF last month got approval from the Indian capital markets regulator for a proposed 38.5 billion rupee ($866 million) IPO.

The share sale would be the developer’s second attempt to tap investors after poor demand forced it to withdraw a $1.64 billion IPO in February 2008. Emaar MGF may compete with property companies including Lodha Developers Ltd., Sahara Prime City Ltd. and Nitesh Estates Ltd. in seeking to raise a combined 162 billion rupees from IPOs in India.