Godrej Properties shines on getting nod for scheme of amalgamation

11 Jan 2013

Godrej Properties is currently trading at Rs. 627.25, up by 0.90points or 0.14% from its previous closing of Rs. 626.35 on the BSE.

The scrip opened at Rs. 630.00 and has touched a high and low of Rs. 630.00 and Rs. 627.25 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 696.00 on 14-Mar-2012 and a 52 week low of Rs. 482.00 on 02-Aug-2012.

Last one week high and low of the scrip stood at Rs. 666.10 and Rs. 624.00 respectively. The current market cap of the company is Rs. 4,895 crore.

The promoters holding in the company stood at 74.99% while Institutions and Non-Institutions held 15.94% and 9.07% respectively.

Godrej Properties has received an approval for Scheme of Amalgamation of Godrej Waterside Properties Private with itself. No shares are proposed to be issued pursuant to the Scheme since Godrej Waterside Properties is a wholly owned subsidiary of company. The board at its meeting held on January 10, 2013 has approved for the same.

The Scheme is subject to approval of the High Court of Bombay, and the shareholders and creditors, if any, of Godrej Waterside Properties, as may be directed by the High Court of Bombay.

The merger being of a 100% subsidiary Company into Godrej Properties, a specific dispensation will be sought from the High Court of Bombay from filing the application / petition by Godrej Properties and accordingly, the company will not be required to file a petition with any High Court.

Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.

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Puchho Befikar
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