Godrej Properties is all set to issue 81,86,810 equity shares to successful bidders under its institutional placement programme at the lower band of Rs 575, the company would mop-up Rs 470.75 crore. The real estate company had fixed a price band of Rs 575-620 a share under its share-sale through the new institutional placement programme route.
The company will use the net proceeds of the issue towards prepayment and repayment of existing debt, acquisition of land development rights and general corporate purposes.
As of December 31, 2011, the principal amount of the total outstanding loans on a consolidated basis was about Rs 2,000 crore. The consolidated income for the nine months ended December 31, 2011 and 2010-11 fiscal was Rs 446.51 crore and Rs 558.91 crore, respectively.
