Godrej Properties fixes IPO price at 490 rupees/shr

MUMBAI Mon Dec 14, 2009 9:30am IST

Stocks

   

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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Eyeing Role

Eyeing Role

Top economist Jagdish Bhagwati eyes role in Modi government  Full Article 

Election 2014

Election 2014

Breakingviews: Singh wasn’t king, Modi could be  Full Article 

Telecom Sector

Telecom Sector

Japan's NTT DoCoMo to exit India telecoms joint venture - sources  Full Article 

Next Nokia CEO

Next Nokia CEO

Nokia to name Rajeev Suri as next CEO on Tuesday - report  Full Article 

Conspiracy Lawsuit

Conspiracy Lawsuit

Apple, Google agree to pay over $300 million   Full Article 

Stock Split Trend

Stock Split Trend

Trend-setter Apple's stock split could bring out the copycats  Full Article 

Winning Start

Winning Start

Microsoft beats Wall Street on new CEO debut   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage