The Rs 700-crore rights issue of Mumbai-based Godrej Properties has been fully subscribed, according to the company statement.
The realty major had offered 2.15 crore shares of face value Rs 10 each at a price of Rs 325 an equity share under the rights issue. “Based on reports from the Registrar to the Issue, the company has received full subscription to its rights issue,” said the company filing to the BSE.
Pirojsha Godrej, Managing Director and CEO, Godrej Properties, said: “The funds generated will strengthen our financial position and our ability to continue to add projects across India.”
The real estate development arm of Godrej Group said the final confirmation and allotment process would be carried out over the next 10-12 days.
V. Jayashankar, Senior Executive Director and Head of Equity Capital Markets, Kotak Investment Banking, said: “The issue was subscribed by all investor categories, including large HNIs and institutional investors. The issue price of Rs 325 was at a substantial discount to market price of Rs 390, and this attractive price coupled with the corporate governance, project delivery track record and brand of Godrej helped the issue sail through in a difficult market.” On Thursday, the Godrej Properties scrip closed at Rs 386, down 0.31 per cent from its previous close on the BSE.