Godrej Industries plans to raise up to Rs 405 crore through the Institutional Placement Programme (IPP) stake sale it concluded on Tuesday. This was part of the process to meet SEBI’s new public shareholding pattern norms to cap promoter holding at 75 per cent in private companies and have the remaining 25 per cent under public shareholding.
The conglomerate which has diversified businesses across consumer goods, agricultural products and real estate offered 1.56 crore shares at a price band of Rs 210-235 and it received a cumulative bid quantity of 2.62 crore.
Methodology
The offer opened and closed on July 24 with shares being allocated through the proportionate allocation methodology. The pricing of the offering is yet to be announced.
This is the second fund-raising exercise by the conglomerate this year after real estate arm Godrej Properties held the country’s first and only IPP in March.
As of June, the promoter and promoter group holding in Godrej Industries stood at 79.10 per cent according to the BSE. This stake will come down to about 74 per cent after the share sale.
The company stock closed at Rs 231.15 a share on the BSE on Tuesday, down 0.75 per cent from its previous close.
Kotak Securities was the banker for the issue.