The Indian joint venture of Dubai's Emaar Properties plans to launch an IPO by December to raise up to Rs 1600 crore (USD 358 million), less than half the size announced earlier, two sources with direct knowledge said.
Emaar MGF, the builder of New Delhi's Commonwealth Games village that has come under criticism for shoddy construction, said in a statement it had filed papers on Thursday with the capital markets regulator for the IPO.
The issue size has been lowered keeping in view the existing fund requirements, a company spokeswoman said in the statement, but gave no details of the size or when the sale would happen.
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