India’s Godrej Properties to sell shares at Rs575

MUMBAI, March 29 (AsiaPulse) - Godrej Properties (BSE:533150) on Monday fixed the price for its issue of shares to institutional investors at Rs 575 a share, the lower end of the price band, and would raise up to Rs 471 crore (US$92.8 million) for reducing debt and acquiring projects. The share price fell by 3.38 per cent to close at Rs 638.
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30 on the BSE after the announcement.

In a filing to BSE, the company said that the board has decided to allocate shares under the Institutional Placement Programme (IPP) to the successful bidders at Rs 575 apiece.

The size of the issue, which opened and closed on March 22, was up to 74,42,555 shares with a right to allot an extra up to 7,44,255 shares in case of over subscription. Price band was fixed at Rs 575-620 a share.

Godrej Properties, a part of Godrej Group, could issue up to 81,86,810 shares including the green-shoe option and at lower band of Rs 575 the company would mop-up Rs 470.75 crore. "We are very pleased to have successfully concluded the first ever IPP in India. In difficult market conditions, this deal demonstrates the confidence investors have in our company," company's Executive Director Pirojsha Godrej had said.

Godrej Properties intends to use the net proceeds of the issue towards prepayment/r