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Godrej Properties gains on garnering Rs 700 crore through rights issue

19 Sep 2013

Godrej Properties is currently trading at Rs. 387.00, up by 12.00 points or 3.20% from its previous closing of Rs. 375.00 on the BSE.

The scrip opened at Rs. 383.00 and has touched a high and low of Rs. 387.95 and Rs. 380.00 respectively. So far 7,748 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 640.32 on 07-Dec-2012 and a 52 week low of Rs. 373.10 on 18-Sep-2013.

Last one week high and low of the scrip stood at Rs. 395.00 and Rs. 373.10 respectively. The current market cap of the company is Rs 3,855 crore.

The promoters holding in the company stood at 74.98% while Institutions and Non-Institutions held 16.77% and 8.25% respectively. 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.

Related Godrej Properties Ltd. Links:

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323