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Godrej Industries today said it plans to raise up to Rs 405 crore through a rights issue to institutional players.
“Securities Issuance Committee of the Board of Directors of the company has by a resolution dated July 21, 2012, fixed the price band at Rs 210 to Rs 235 per equity share for the proposed issue,” Godrej Industries said in a filing to the BSE.
The company will issue up to 1,56,66,734 equity shares of Re 1 each with a right, besides an additional allotment of up to 15,66,673 equity shares in case of over subscription.
The proposed issue opens on July 24 and closes on the same day, the filing said.
Meanwhile, shares of Godrej Industries were trading 4.23 per cent down at Rs 235.60 apiece on the BSE in the afternoon trade.
Last week, the company had said it would issue the shares to “qualified institutional buyers by way of an Institutional Placement Programme“.
Godrej Industries’ consolidated net profit declined by 60.55 per cent to Rs 43 crore in the fourth quarter ended March 31, 2012. It has posted a net profit of Rs 109 crore during the same period of the previous fiscal.
Total income of the company stood at Rs 1,479 crore (Rs 1,431 crore).
For the year ended March 31, 2012, the company posted a net profit of Rs 292 crore against Rs 293 crore in 2010-11 fiscal.
Total income in FY’12 rose to Rs 5,804 crore from Rs 4,602 crore in FY’11.
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