Godrej Properties, the realty firm promoted by Godrej Industries and Godrej & Boyce Manufacturing Company is said to launch its Initial Public Offer (IPO) on December 9 and close it on December 11.
The company aims to hit the market with an issue of 9.4 million equity shares, which will include 13.5 per cent of the post issue paid-up capital of the company. The company has dropped the idea for a pre-IPO placement of 2.4 million shares with investors, claimed a banker involved with the issue.
The company has not yet revealed how much it would raise from the IPO, but it aims to use Rs 203 crore for acquiring land for its forthcoming projects. It also intends to spend Rs 172 crore for repayment of loans and plans to use Rs 75 crore for developing realty projects in next three years.