Godrej Properties 700crore rights issue subscribed

By Accommodation Times News Service

The Mumbai-based real estate developer’s rights issue has witnessed demand in excess of the maximum amount it sought to raise based on reports from the Registrar to the Issue.

The realty firm Godrej Properties sale of shares to existing share holders through rights issue to raise Rs. 700crore has been fully subscribed.

The real estate development arm of the Godrej Group, closed subscription to its rights issue on September 11, 2013. Based on reports from the Registrar to the Issue, the company has received full subscription to its rights issue.  The final confirmation and allotment process will be carried out over the next few days. Kotak Mahindra Capital Company Limited was the sole Lead Manager to the Issue. GPL had offered 21,538,388 equity shares of face value of Rs. 10/- each at a price of Rs. 325/- per equity share for an amount aggregating to Rs. 700crores on a rights basis to the existing shareholders. This was the third capital market fund raising exercise by Godrej Properties.  GPL had its Initial Public Offer (IPO) in December 2009 and successfully conducted India’s first ever Institutional Placement Program (IPP) in March 2012.

Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said “We are very happy to successfully close the subscription to our rights issue. I’d like to thank all our shareholders for demonstrating such tremendous confidence and faith in the growth prospects of our company. We believe that the funds generated will strengthen our financial position and our ability to continue to add projects across India.”

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