Evolvence, Jacob Ballas, NYLIM pick up Emaar MGF pre-IPO shares
Emaar MGF, the Indian real estate development company set up jointly by Dubai's Emaar Properties and northern Indian retail real estate developer MGF Development, has sold stakes to existing shareholders Evolvence India Holdings, Jacob Ballas and New York Life Investment Management (NYLIM) for token amounts, prior to its planned IPO, according to Indian reports.
Evolvence India, itself an offshoot of Dubai-headquartered Evolvence Capital, reportedly paid only $2000 to more than double its stake to 2.1%, making it Emaar MGF's largest shareholder outside its original...
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