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| Godrej Prop expects to come out with IPO in two months |
| Press Trust of India / New Delhi Aug 31, 2009, 19:04 IST |
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Godrej Group's realty arm Godrej Properties expects to hit the capital market in the next couple of months, if the current uptrend in the market continues.
The company said it has already got clearance from Sebi for the IPO, which will involve fresh capital issue of 13.5 per cent stake.
"If the market conditions keep improving in this way, we would come with an IPO in the next two months although the Draft Red Hearing Prospectus is valid for 10 months," Adi Godrej told reporters here.
He said the company is working on a number of projects, of which most of them are affordable residential ones, at a price range between Rs 5 lakh and Rs 25 lakh a unit.
"We are working on several projects, up to total size of 300 acres across the country, including Mumbai, Pune, Cochin and Chandigarh, of which 90 per cent are affordable housing projects," he said.
Godrej said market has become favourable for residential projects in the last six months as prices of steel, cement, construction cost and mortgage rates have also gone down.
The company had earlier said the IPO will involve public issue of 9.42 million equity shares and its proceeds will used for acquiring land development rights and repayment of loans.
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