Godrej Prop submits info on Rs 700 cr rights issue to Sebi

Godrej Properties, the real estate arm of Godrej Group, has submitted details sought by the capital market regulator Sebi regarding the company's proposed Rs 700 crore rights issue.

In rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

As per the latest weekly update to the processing status of draft offer documents filed with Securities and Exchange Board of India (Sebi), the regulator has said clarifications were submitted on the proposed rights issue of Godrej Properties on July 10, 2013.

The status is updated on a weekly basis by the regulator and the next update of the status as on July 19, 2013 would be uploaded on the Sebi website on the next working day.

Earlier this month, Sebi had sought certain clarification from the company's merchant banker. However, the regulator had not disclosed about the details of the clarifications sought for.

Sebi said it might issue observations on Godrej Properties' document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.

The regulator had received the draft offer documents of on June 5, 2013 through its lead manager Kotak Mahindra Capital Company Ltd. The company's proposed rights issue is estimated at Rs 700 crore.

The funds raised through the issue would be utilised for ongoing projects as well as new projects.