The joint venture of Dubai based Emaar and India’s MGF is heading for a fund raise with the help of Initial public offering to complete the games village construction with in the scheduled time. If not the duo has to pay a fine to Delhi Development Authority, says the source at www.propertykhazana.com. It is also further made clear that on delay the joint venture have to pay Rs 15 lakhs for each delay day up till 15 days and there after the amount increases up to Rs 20 lakhs a day as filed at Security and Exchange Board of India.
As per the sources reported at www.propertykhazana.com the games village at the capital city is supposed to get completed by April and hence a sum of 117 million equity shares proposed by the company to enhance a fund of Rs 850 crore. The amount of the penalty will get automatically deducted from the performance guarantee deposited by the joint venture to Delhi Development Authority. The JV has won the bid to develop the games village at the eastern parts of the capital city where Emaar group is engaged for 1168 flats construction for participants and for the other associate members.
Earlier the company was aiming to sell 790 units but only 333 units were agreed to buy by the DDA to make way for cash deficiency for further completion of the project. At the same time it is also been noted that the company has met with a net loss of around Rs 96 crore. For more updates visit www.propertykhazana.com.
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