Emaar MGF Land Limited IPO opens on Feb 1

Hyderabad, Jan 23 (UNI) Emaar MGF Land Limited, a joint venture between Dubai-based Emaar Properties and India-based MGF Development Limited, is entering the capital market with an Initial Public Offering (IPO) of 10,25,70,623 equity shares with a face value of Rs 10 each, through the 100 per cent book building process.

The bid/issue would open for subscription on February one and close on February six.

The price band had been fixed between Rs 610 and Rs 690 per equity share, a release said here today.

At least 60 per cent of the issue would be allocated on a proportionate basis to Qualified Institutional Buyers, out of which five per cent would be available for Mutual Funds.

Ten per cent would be alloted to Non Institutional Bidders and 30 per cent to Retail Individual Bidders, subject to valid bids being received at or above the issue price, the release said.

UNI BR DS 2016