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Mumbai, Jan. 21 Emaar MGF Land Ltd, a joint venture between one of the world’s leading real estate companies Emaar Properties PJSC of Dubai, and MGF Development Ltd of India, is entering the capital market with an initial public offering of 102,570,623 equity shares of face value Rs 10 each for cash at a price to be determined through a 100 per cent book-building issue. The issue will open for subscription on February 1, and close on February 6. The price band has been fixed between Rs 610 and Rs 690. The equity shares of the company are proposed to be listed on both the BSE and the NSE.

The issue proceeds will be used for part-payment towards the acquisition of land and land development rights and related approvals for its ongoing and planned projects. The issue proceeds will also be used for the development and construction costs for project Palm Drive in Gurgaon.

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