The institutional placement programme (IPP) of Godrej Industries on Tuesday received bids for 26.24 million shares. It had set a price band of Rs 210 to Rs 235 per share. A the top end of the price band the company will raise Rs 405 crore. Shares of Godrej Industries closed at Rs 230.5, down 0.95 per cent.
Post the share-sale, the promoter holding in the company will come down to 75 per cent. Godrej Industries is only the second company after Godrej Properties to have raised funds through the IPP route. Kotak Mahindra Capital was the lead manager to the issue.
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