Realty firm Godrej Properties is planning to raise about Rs 700 crore by issuing 2.15 crore shares to existing shareholders through rights issue at Rs 325 apiece, a discount of about 30%. The company would issue 8 shares for every 29 shares held by shareholders as on the record date, which is August 20.
The company proposes to issue 2,15,38,388 shares on a rights basis to its existing shareholders as on the record date aggregating to Rs 699.99 crore.
The promoters holding in the company stood at 74.98% while institutions and non-institutions held 16.77% and 8.25% stake in the company, respectively.
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.
