Godrej Properties is currently trading at Rs 370.90, up by 3.85 points or 1.05% from its previous closing of Rs 367.05 on the BSE.
The scrip opened at Rs 369.90 and has touched a high and low of Rs 378.80 and Rs 365.60 respectively. So far 29410 shares were traded on the counter.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 640.08 on 07-Dec-2012 and a 52 week low of Rs. 339.85 on 27-Sep-2013.
Last one week high and low of the scrip stood at Rs 372.50 and Rs 360.05 respectively. The current market cap of the company is Rs 3687.79 crore.
The promoters holding in the company stood at 74.96% while Institutions and Non-Institutions held 16.82% and 8.22% respectively.
Godrej Properties (GPL), the real estate development arm of the Godrej Group, has received its board approval for the Scheme of Amalgamation of Godrej Estate Developers with Godrej Sea View Properties under sections 391 to 394 read with sections 78, 100 to 103 of the Companies Act, 1956. No shares are proposed to be issued pursuant to the Scheme since both the companies are wholly owned subsidiary of Godrej. The board at its meeting held on October 30, 2013 has approved for the same.
The Scheme is subject to approval of the High Court of Judicature at Bombay, and the shareholders and creditors, if any, of Godrej Sea View Properties and Godrej Nandhi Hills Project, as may be directed by the High Court of Judicature at Bombay. The merger being of 100% subsidiary companies into Godrej Properties, a specific dispensation will be sought from the High Court of Judicature at Bombay from filing the application / petition by the company and accordingly, the company will not be required to file a petition with the High Court.
Godrej Properties brings the Godrej Group philosophy of innovation and excellence to the real estate industry. The company is currently developing landmark projects in 12 cities across India. With projects that span across the country, the company's upcoming development covers 74 million square feet.
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