Emaar MGF Land Ltd., the Indian unit of Dubai’s largest developer, plans to cut a proposed initial public offering to a maximum 20 billion rupees ($433 million), two people with direct knowledge of the matter said.
The builder, a unit of Emaar Properties PJSC, will this month seek approval from India’s capital markets regulator to sell shares this year, the people said, declining to be named before a public announcement. The offer may raise as little as 15 billion rupees, they said.
Emaar MGF, based in New Delhi, was forced to abandon plans to raise as much as 70.8 billion rupees in February 2008 even after cutting the offer price as global equity markets slumped, the company said at the time.
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