Godrej Properties price band at Rs 490-530

Godrej Properties Ltd has launched an Initial Public Offering of its shares in a price band between Rs 490 and Rs 530 per equity share of Rs 10 each for cash.

Godrej Properties Ltd has launched an Initial Public Offering of its shares in a price band between Rs 490 and Rs 530 per equity share of Rs 10 each for cash.

HT Image

The final price would be decided through a 100 per cent book building process and the company intends to mop up Rs 499.8 crore through this issue.

The bids for the share will open on December 9 and would close on December 11, 2009. The promoters are diluting 13.5 per cent of their holding in this offering and the proceeds would be utilised to acquire land and retire debt.