Thursday, February 07, 2008

Emaar MGF IPO extends by 5 days to Feb 11

Under subscription on the last day has forced Emaar MGF Land, a joint venture between Emaar Properties PJSC of Dubai and MGF Development Limited of India, to extend its issue by five days with the permission from market regulator, Sebi. Now the issue will close on February 11 instead of February 6, reports CNBC-TV18.

It has subscribed 0.74 times till now. As per Sebi regulations, the company has to receive a minimum subscription of 90% of the issue.

The company also revised its lower end of price band to Rs 530 from Rs 540, so the new price band is Rs 530-630 per share. This is the second time of revision in price band from the company, due to negative sentiment across the global markets, which impacted Indian markets as well. The first price band was Rs 610-690 which the company changed it to Rs 540-630.

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