Godrej Properties 700 crores rights issue is fully subscribed

Godrej Properties 700 crores rights issue is fully subscribed

By siliconindia   |   Tuesday, September 17, 2013
Godrej Properties Limited (GPL) (BSE scrip id: GODREJPRP), the real estate development arm of the Godrej Group, 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 Limited 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 crores 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. Mr. Pirojsha Godrej, Managing Director & CEO, Godrej Properties said We are very happy to successfully close the subscription to our rights issue. I'd like to thank all our shareholders for demonstrating such tremendous confidence and faith in the growth prospects of our company. We believe that the funds generated will strengthen our financial position and our ability to continue to add projects across India. Source By : Godrej Properties

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