Results 1 to 1 of 1
  1. #1
    www.desirulez.netwww.desirulez.net
    Join Date
    Apr 2011
    Location
    DesiRulez
    Posts
    46,487

    Default Godrej Properties to allot shares at Rs 575

    Follow us on Social Media








    Realty major Godrej Properties on Monday said it will issue equity shares to successful bidders under its institutional placement programme at Rs 575 per share - the lower end of the price band.

    Godrej Properties, part of Godrej Group, would issue up to 81,86,810 shares and at lower band of Rs 575 the company would mop-up Rs 470.75 crore.

    In a regulatory filing the company said, the securities Issuance Committee of the Board of Directors of the Company has finalised allocation of equity shares under the Institutional Placement Programme to the successful applicants at Rs 575 a piece.

    The real estate company had fixed a price band of Rs 575- 620 per share under its share-sale through the new Institutional Placement Programme (IPP) route.

    Shares of the company tanked after the announcement and slid over 4.29 per cent to an early low of Rs 632 on the BSE. The shares however recovered some lost ground and were later trading at Rs 635.30, down 3.83 per cent on the BSE at 10:48 hours.

    Marketmen said the main reason behind the fall in the counter is the allotment of the shares at the lower end of the price band. If the company had alloted the shares it the higher end it could have raised as much as 508 crore trough the share sale programme.

    Godrej Properties intends to use the net proceeds of the issue towards prepayment and repayment of existing debt, acquisition of land development rights and general corporate purposes.

    As of December 31, 2011, the principal amount of the total outstanding ***** on a consolidated basis was about Rs 2,000 crore.
    The consolidated income for the nine months ended December 31, 2011 and 2010-11 fiscal was Rs 446.51 crore and Rs 558.91 crore, respectively. In the review period, the profit was Rs 58.12 crore and Rs 130.85 crore, respectively.

 

 

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •