Godrej Prop IPO band at Rs 490-530
Mumbai: Godrej Properties Ltd on Friday set the price band of its Rs 500-crore initial public offer (IPO) at between Rs 490 and Rs 530 per equity share. Bids for the public issue will open between December 9 and 11, which will see the company offload 13.5% stake. Each equity share has a face value of Rs 10. Godrej Properties, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company, plans to use proceeds from the issue mainly to acquire land and to repay debt. The company would raise between Rs 462 crore to Rs 499.8 crore through the IPO, Godrej Properties V-P, finance & accounts, Rajendra Khetawat, said. “We plan to spend Rs 203 crore to acquire land and land development rights, Rs 172 crore will be used to repay loans, Rs 75 crore will be spent on construction financing while the balance would would be utilised for the Group’s corporate purposes,” he said. PTI -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
