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Emaar MGF denies Deutsche Bank deal report

Property developer Emaar MGF Ltd. denied a newspaper report on Sunday that Deutsche Bank had bought a small stake for USD 1 bn ahead of an initial public offering.

Emaar MGF Chairman and Managing Director Shravan Gupta told agencies there was no equity deal with Deutsche Bank, despite a report in the Business Standard newspaper that the German bank had bought a stake of less than 5 %.

The Business Standard also said the IPO could almost double to Rs 250 bn (USD 5.7 bn), through the sale of 30 % of the company, from a previously planned Rs 130 bn offering.

The New Delhi-based firm, whose land holdings exceeds 5,000 acres (2,000 hectares) across India, is joint venture between Dubai's Emaar Properties and Indian real estate developer MGF Developments Ltd.

Gupta declined comment on the IPO size. The firm said last year it may offer 5-10 % of its equity in an IPO this year.

Source : Zee News

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