Realty firm Godrej Properties has garnered Rs 700 crore by selling fresh shares to existing shareholders through a rights issue. The company will use the issue proceeds for adding new projects and reducing debt.
The Rights Issue Committee of the board has allotted 21,538,388 shares at Rs 325 per share to the successful applicants. This is the third capital market fund raising exercise by Godrej Properties.
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.