Godrej Properties sets IPO price band at Rs 490-530 a share
Bids for the public issue will open between December 9 and 11, which will see the company offload 13.5 per cent stake.
By PTI |
MUMBAI: Godrej Properties Ltd today set the price band of its Rs 500-crore initial public offer (IPO) at between Rs 490 and Rs 530 per equity share.
Bids for the public issue will open between December 9 and 11, which will see the company offload 13.5 per cent stake. Each equity share has a face value of Rs 10.
Godrej Properties, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company, plans to use proceeds from the issue mainly to acquire land and to repay debt.
The company would raise between Rs 462 crore to Rs 499.8 crore through the IPO, Godrej Properties Vice President, -Finance & Accounts, Rajendra Khetawat, said.
"We plan to spend Rs 203 crore to acquire land and land development rights, Rs 172 crore will be used to repay loans, Rs 75 crore will be spent on construction financing while the balance would would be utilised for the Group's corporate purposes," he told reporters here.
Godrej Properties is jointly developing multiple residential and commercial projects across ten Indian cities.
It is executing work on 2.78-million sq ft land at Vikhroli in suburban Mumbai.
The realty firm is also developing a mid-income residential project in Kolkata spread over 3.20-million sq ft and a garden city project in Ahmedabad spread over 40-million sq ft.
Bids for the public issue will open between December 9 and 11, which will see the company offload 13.5 per cent stake. Each equity share has a face value of Rs 10.
Godrej Properties, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company, plans to use proceeds from the issue mainly to acquire land and to repay debt.
The company would raise between Rs 462 crore to Rs 499.8 crore through the IPO, Godrej Properties Vice President, -Finance & Accounts, Rajendra Khetawat, said.
"We plan to spend Rs 203 crore to acquire land and land development rights, Rs 172 crore will be used to repay loans, Rs 75 crore will be spent on construction financing while the balance would would be utilised for the Group's corporate purposes," he told reporters here.
Godrej Properties is jointly developing multiple residential and commercial projects across ten Indian cities.
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It is executing work on 2.78-million sq ft land at Vikhroli in suburban Mumbai.
The realty firm is also developing a mid-income residential project in Kolkata spread over 3.20-million sq ft and a garden city project in Ahmedabad spread over 40-million sq ft.
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