Godrej Properties, the realty firm promoted by Godrej Industries and Godrej & Boyce Manufacturing Company, said on Monday it would launch its Initial Public Offer (IPO) on December 9 and close it on December 11.
The company is planning to hit the market with an issue of 9.4 million equity shares, which will constitute 13.5 per cent of the post issue paid-up capital of the company. The company has dropped its plans for a pre-IPO placement of 2.4 million shares with investors, a banker involved with the issue said.
Though the company has not disclosed how much it would raise from the IPO, it aims to use Rs 203 crore for acquiring land for its forthcoming projects. It also intends to spend Rs 172 crore for repayment of loans and plans to use Rs 75 crore for developing realty projects in three years.
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