Godrej Properties likely to raise funds through QIP

17 Mar 2012

Godrej Properties (GPL), the real estate development arm of the Godrej Group, has decided to raise funds by issuing up to 7,442,555 equity shares of, with a right to allot an additional of up to 744,255 equity shares in case of oversubscription, to eligible qualified institutional buyers by way of an institutional placement programme. The price band or the floor price and the issue opening and closing dates will be decided in consultation with the book running lead managers.

The company has posted 103.39% increase in consolidated net profit to Rs 26.95 crore for the quarter ended December 31, 2011 against Rs 13.25 crore for the corresponding period. The company’s net sales stood at Rs 99.84 crore, 277.60% up from Rs 26.44 crore in the year-ago period.

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