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| Godrej Properties to dilute 13.5% stake via IPO |
| Press Trust of India / New Delhi Aug 07, 2009, 13:47 IST |
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Godrej Properties, the real estate arm of the Godrej group, will dilute a 13.5 per cent stake in the company for an initial public offer, which is likely to be launched within ten months for repayment of loans and for funding expansion.
"We have got the clearance from Sebi about two months back and that means, we have 10 months within which (we have) to bring out the IPO...It is a fresh issue of capital of 13.5 per cent," Godrej Properties Managing Director Milind Korde said.
Asked about the projected size of the IPO, Korde said the company will issue 9,429,750 equity shares in the process although he declined to share the exact amount being raised.
"It’s a book building process/ price discovery mechanism. It will be a public issue of 9,429,750 equity shares," he said.
The IPO proceeds will be used for acquiring land development rights and repayment of loans.
"The objects of the issue are acquisition of land development rights for our forthcoming projects, construction..., repayment of loans and general corporate purposes," he said.
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