Godrej Properties advanced over 7% and touched weekly high of Rs668, after the company’s share sale programme oversubscribed by 17%
Godrej Properties' issue of shares to institutional buyers on Thursday oversubscribed by 17% and the company is looking to raise about Rs475 crore that would be utilised to cut debt and acquire realty projects.
The size of the Institutional Placement Programme ( IPP), which closed today, was up to 74,42,555 shares with a right to allot an additional up to 7,44,255 shares in case of over subscription. Price band has been fixed at Rs575-620 a share.
In a statement, Godrej Properties, a part of Godrej Group, said that it has successfully concluded the issue and became the first Indian company to take IPP route after it was introduced by SEBI earlier this year.
'We are very pleased to have successfully concluded the first ever IPP in India. In difficult market conditions, this deal demonstrates the confidence investors have in our company,' company's Executive Director Pirojsha Godrej said.
According to sources, the company is looking to raise about Rs475 crore through private placements of shares.
The large existing shareholders have participated in the bidding process along with few new large institutional buyers, they added.
Including the green-shoe option, the company would issue up to 81,86,810 shares and raise Rs507.58 crore at upper band and Rs470.74 crore at lower band.
At 10.42 am, Godrej Properties was trading at Rs652, up by 5.26%, with a volume of 0.19 lakh shares on the BSE.
....more info
Godrej Properties' issue of shares to institutional buyers on Thursday oversubscribed by 17% and the company is looking to raise about Rs475 crore that would be utilised to cut debt and acquire realty projects.
The size of the Institutional Placement Programme ( IPP), which closed today, was up to 74,42,555 shares with a right to allot an additional up to 7,44,255 shares in case of over subscription. Price band has been fixed at Rs575-620 a share.
In a statement, Godrej Properties, a part of Godrej Group, said that it has successfully concluded the issue and became the first Indian company to take IPP route after it was introduced by SEBI earlier this year.
'We are very pleased to have successfully concluded the first ever IPP in India. In difficult market conditions, this deal demonstrates the confidence investors have in our company,' company's Executive Director Pirojsha Godrej said.
According to sources, the company is looking to raise about Rs475 crore through private placements of shares.
The large existing shareholders have participated in the bidding process along with few new large institutional buyers, they added.
Including the green-shoe option, the company would issue up to 81,86,810 shares and raise Rs507.58 crore at upper band and Rs470.74 crore at lower band.
At 10.42 am, Godrej Properties was trading at Rs652, up by 5.26%, with a volume of 0.19 lakh shares on the BSE.
....more info