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Article: India : Emaar to repay debt with IPO cash.
- Article from:
- TendersInfo
- Article date:
- October 5, 2009
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Real estate firm Emaar MGF will use nearly half of the funds raised from its initial public offering (IPO) to repay debt and strengthen the company s balance sheet.
The company plans to raise Rs 3,850 crore through its maiden flotation.
To deleverage its balance sheet, the company intends to repay Rs 1,772.6 crore of its outstanding debt from the proceeds of the fresh issue, the company said in its draft red herring prospectus.
The realty major had filed its draft prospectus with market regulator Sebi on September 29.
A joint venture between Dubai-based Emaar Properties and India s MGF, the company has a debt of Rs 5,807.79 crore as on ...