Godrej Properties Rs 700 crore rights issue fully subscribed

Godrej Properties (GPL), the real estate development arm of the Godrej Group, has closed subscription to its rights issue on September 11, 2013. Based on reports from the Registrar to the Issue, the company has received full subscription to its rights issue. The final confirmation and allotment process will be carried out over the next few days. Kotak Mahindra Capital Company was the sole Lead Manager to the Issue. GPL had offered 21,538,388 equity shares of face value of Rs 10 each at a price of Rs 325 per equity share for an amount aggregating to Rs 700 crore on a rights basis to the existing shareholders.

This was the third capital market fund raising exercise by Godrej Properties. GPL had its Initial Public Offer (IPO) in December 2009 and successfully conducted India’s first ever Institutional Placement Program (IPP) in March 2012.

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.