The Hindu Business Line : Godrej Properties’ IPO to open on December 9

NEW DELHI: Godrej Properties Ltd on Thursday said it will hit the capital market with its proposed initial public offer (IPO) on December 9 and close on December 11.

The real estate company is entering the primary market with an issue size of 94.29 lakh equity shares and the IPO will constitute 13.5 per cent of the post issue paid up capital of the company.

“The face value of each equity share is Rs 10 each. The price band and minimum bid lot will be decided by the company in consultation with the global coordinators and book running lead managers,” the company said in a public announcement.

Godrej Properties is promoted by Godrej Industries Ltd and Godrej & Boyce Manufacturing Company Ltd.

The company has not disclosed how much fund it plans to raise from the IPO; it aims to use Rs 203 crore for acquiring land for its forthcoming projects, Rs 172 crore for repayment of loans, and Rs 75 crore for construction of the forthcoming projects in three years.

Shares of the company are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.

The company has roped in ICICI Securities and Kotak Mahindra Capital Company as global coordinators and book running lead managers, while IDFC-SSKI and Nomura Financial Advisory and Securities (India) as the book running lead managers to the issue. — PTI

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