All the new and older realty houses are paving ways for their immediate debt clearance as RBI forces many new norms of realty financing. As per the sources reported at www.propertykhazana.com, Dubai based Emaar group and Indian MGF is jointly making decisions to clear out their earlier debts with the help of Initial Public Offering. The duo is set to raise a sum of Rs 3850 crore with the help of maiden floatation where around Rs 1772.5 crore will be targeted towards debt clearance and rest will be continued for the further proceedings for a fresh issue.
Source reported at www.propertykhazana.com also reveals that till the day of 31st August the joint venture has nearly Rs 5807.79 crores of debt and is aiming to deposit Rs 1972.1 crore from IPO to clear a part of balance due which also includes a special purpose vehicle issue during the construction of commonwealth games in Delhi. HDFC, UTI, Axis Bank, State Bank of India, HSBC are some of the major names which have lend funds for the Emaar MGF group in the past.
Along the clearance of the liabilities nearly Rs 820 crore will be utilized for some of the shares of redeemable preference. In addition Rs 276.8 crore is also reserved for the purpose of license renewal and other development charges of the company. As per the revealed sources at www.propertykhazana.com it is the second time the joint venture has made prospectus in SEBI to raise funds from the capital market where around Rs 70,000 crore was aimed to raise with IPO last year. For more and latest realty updates follow us at www.propertykhazana.com.
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