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| Godrej Properties IPO in next 10 months |
| Press Trust of India / Mumbai Jul 29, 2009, 20:52 IST |
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Godrej Properties (GPL), the real estate arm of the Godrej group, is likely to come out with its initial public offering (IPO) in the next 10 months, a top company official said.
"We have filed our Draft Red Herring Prospectus and obtained an approval from the Securities and Exchange Board of India (Sebi) in early June to raise funds through an IPO.
"The permission is valid for 12 months and we still have 10 months for the IPO. Market conditions are conducive and we plan to come out with our IPO in this period," Godrej Industries' Chairman Adi Godrej told shareholders here today.
The fund will go entirely into Godrej Properties and their will be no sale of shares by Godrej Industries. "It will be new capital going into Godrej Properties. We have permission to offer 10 per cent to the public which is the minimum requirement and 3.5 per cent pre-IPO," Godrej said.
Godrej Industries currently holds an 80.3 per cent equity in Godrej Properties.
The final valuation will be decided a couple of days before the IPO based on the advise of investment bankers, he said.
Godrej Properties is one of the leading real estate development companies in India. The company focuses on residential, commercial and township developments.
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