Godrej Properties moves up on plan to mop-up Rs 470.75 crore

28 Mar 2012

Godrej Properties is currently trading at Rs. 624.75, up by 0.95 points or 0.15% from its previous closing of Rs. 623.80 on the BSE.

The scrip opened at Rs. 628.00 and has touched a high and low of Rs. 628.00 and Rs. 615.05 respectively.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 845.00 on 12-Jul-2011 and a 52 week low of Rs. 592.30 on 21-Mar-2012.

Last one week high and low of the scrip stood at Rs. 668.00 and Rs. 615.00 respectively. The current market cap of the company is Rs. 4363.88 crore.

The promoters holding in the company stood at 83.79% while Institutions and Non-Institutions held 7.78% and 8.43% respectively. 

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. 

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