Godrej Properties' shares dropped over 4%, touching the day's low of Rs632.20, after the firm said its board finalised allocation of equity shares under the institutional placement programme to the successful applicants at the lower end of the Rs575 - 620 price band.
The board of Godrej Properties by way of a circular resolution dated February 08, 2012, approved the issuance of further equity shares of face value of Rs10 each by way of an institutional placement programme ( IPP).
The company had set the price band at Rs575 to Rs620 each for the sale of Rs74 lakh shares, or a 10.6% stake.
The issue price of Rs575 is 12.96% discount to Friday's (March 23, 2012) closing price of Rs660.60 and 10.57% discount over the ruling market price.
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The board of Godrej Properties by way of a circular resolution dated February 08, 2012, approved the issuance of further equity shares of face value of Rs10 each by way of an institutional placement programme ( IPP).
The company had set the price band at Rs575 to Rs620 each for the sale of Rs74 lakh shares, or a 10.6% stake.
The issue price of Rs575 is 12.96% discount to Friday's (March 23, 2012) closing price of Rs660.60 and 10.57% discount over the ruling market price.
....more info