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Evolvence, Jacob Ballas, NYLIM pick up Emaar MGF pre-IPO shares

  • Paul Mackintosh
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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 backers. NYLIM picked up around half this stake for just $1000, with Jacob Ballas picking up a small stake for just INR1000 ($22.60). This follows a share buyback by Emaar MGF from CVC International in August 2009.

Emaar MGF attempted unsuccessfully to list early in 2008, and has now filed again for a reduced IPO, aiming to raise some INR 1600 crore ($361 million). Evolvence invested some INR183 crore ($41.3 million) in November 2006, while NYLIM and Jacob Ballas jointly invested some INR92 crore ($20 million) in 2006-07: all three now stand to make some 60-65% returns on their investments.

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