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Godrej Properties fixes IPO price at Rs490 a piece

Godrej Properties fixes IPO price at Rs490 a piece
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First Published: Mon, Dec 14 2009. 09 53 PM IST
Updated: Mon, Dec 14 2009. 09 53 PM IST
Mumbai: Godrej Industries Ltd has fixed the offer price of the 9.4-million-share public issue of its unit Godrej Properties Ltd at Rs490 a share, the parent firm said on Monday.
The funds will be used for new projects, debt repayment and for joint development projects. About Rs2.03 billion will be used for land acquisition, Rs750 million for construction and Rs1.72 billion to cut debt.
The issue will constitute 13.5% of the company’s post-issue capital, with at least 60% of this reserved for institutional buyers and a minimum of 30% set aside for retail investors. A minimum of 10% is reserved for non- institutional buyers.
ICICI Securities, Kotak, IDFC-SSKI and Nomura will manage the issue.
So far this year, 15 Indian companies have raised over $3 billion in IPOs.
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First Published: Mon, Dec 14 2009. 09 53 PM IST