Emaar MGF to buy back Citibank stake
Real estate major Emaar MGF is in talks with Citibank International to buy back securities of Emaar MGF Land Ltd.
Citibank International, a company incorporated in Britain, had invested $150 million (Rs 685 crore) in convertible securities issued by Emaar MGF in 2006. In the past month, Citibank has been scouting for probable banks and institutions to offload the papers at a discount
The deal between the two was one of the many foreign direct investment in real estate that happened through various structures during 2006-07. These transactions were later banned by regulations due to the rush of foreign investments in the Indian real estate market.
When Business Standard contacted Emaar MGF, a senior executive said they were in talks with Citibank and something would be formulised in a week.
“We are currently under talks and according to the memorandum of understanding, we cannot disclose details at present. We expect things to be finalized in the next week or so,” said the senior executive, on condition of anonymity. He refused to comment on the value of the deal. “We can give you the details once the papers are signed,” he said.
Courtesy by : BS Dtd : August 4, 2010
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