Godrej Properties fixes IPO price at 490 rupees/shr

MUMBAI Mon Dec 14, 2009 9:30am IST

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MUMBAI Dec 14 (Reuters) - Godrej Industries Ltd (GODI.BO) has fixed the offer price of the 9.4-million-share public issue of its unit Godrej Properties Ltd at 490 rupees a share, the parent firm said on Monday.

The funds will be used for new projects, debt repayment and for joint development projects. About 2.03 billion rupees will be used for land acquisition, 750 million rupees for construction and 1.72 billion rupees to cut debt.

The issue will constitute 13.5 percent of the company's post-issue capital, with at least 60 percent of this reserved for institutional buyers and a minimum of 30 percent set aside for retail investors. A minimum of 10 percent is reserved for non- institutional buyers.

ICICI Securities, Kotak, IDFC-SSKI and Nomura will manage the issue.

So far this year, 15 Indian companies have raised over $3 billion in IPOs. [ID:nBOM492635] (Reporting by Swati Pandey; Editing by Sunil Nair)

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