MUMBAI, March 20 (Reuters) - India’s Godrej Properties plans to raise up to 4.6 billion rupees ($91 million) by selling shares to institutional investors on Thursday, the real estate developer said in a statement.
It has set the price band at 575 rupees to 620 rupees apiece for the sale of 7.4 million shares, or a 10.6 percent stake, it said in a statement to stock exchanges on Tuesday.
The Mumbai-based company said its shares will be sold to institutional investors via an auction under the newly approved institutional placement programme.
Founders of Godrej Properties own about 84 percent of the company. Market regulations stipulate India’s listed companies should have a minimum 25 percent public shareholding.
Shares in Godrej Properties, which is valued at $896 million, closed 1.7 percent down at 632 rupees, while the broader Mumbai market closed 0.3 percent higher.
$1=50.4 Indian rupees Reporting By Aditi Shah; Editing by David Hulmes