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The initial public offering of Emaar MGF Land on Thursday was subscribed 0.83 times as per the data available on NSE website.
At 12 pm, the issue has received 8.53 crore bids against the 10.25 crore shares on offer. At the cut off price, 1.33 crore bids were received. Emaar MGF's QIB portion was subscribed 0.87 times, the non-institutional investors category, 0.98 times and retail, 0.41 times.
The $1.6 billion IPO of Emaar MGF has again lowered its price band as the bidding process has been extended by three days to February 11. The revised price band stands at Rs 530-630, against Rs 540-630 earlier.
The proceeds of the issue 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 development and construction costs for project Palm Drive in Gurgaon and repayment of loans.
The shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India.
The global co-ordinators and book running lead managers to the issue are Enam Securities Private and DSP Merrill Lynch. The book running lead managers are Citigroup Global Markets, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), J.P. Morgan India, Kotak Mahindra Capital and ICICI Securities. Source : The Economic Times |
