Citi Venture Sells Stake in Emaar; Emaar to Launch IPO

January 2008
EmergingMarketsNOW;1/22/2008, p7
The article reports on the decision of Citi Venture Capital International, the venture capital (VC) arm of Citigroup, to sell a 40 percent stake in Emaar MGF, one of India's leading real estate developers, gaining a fourfold return on its investment. Emaar MGF is launching an IPO. Citi held 11.69 million shares, 4.7 million shares were sold to Hedge fund DE Shaw for $82 million. As part of IPO rules, Citi's remaining stake in Emaar will have to be locked in for at least a year.


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