$404 million investment has been raised by Emaar MGF
Emaar MGF Land Limited has raised $404Mn through a private placement of bonds. The funds raised will be used to redeem fully convertible debentures and to repay accumulated premium.
The Emaar MGF is also planning to sell few of its land parcels to reduce debt which stand around R4100Cr. The real estate group has developed several properties in the residential, commercial, retail, and hospitality sectors.
The company has developed approximately 89 Million sq ft of real estate across residential, commercial and other business segments and with operations in 14 countries including India.
In 2010, Emaar MGF had raised private equity funding of Rs.250 crore from Kotak Realty Fund for its residential projects in Gurgaon. The projects are Emerald Estate and Palm Terraces in extended golf course area of Gurgaon.
Last May, the company sold 5 acres in its 104-acre Emerald Hills Township in Gurgaon to Tishman Speyer for Rs 220 crore.
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Source: Dealcurry
[...] $404 million investment has been raised by Emaar MGF [...]