Public RelationsGodrej Properties fixes IPO price at Rs 490
Godrej Properties today fixed the issue price for its initial public offer at Rs 490 a share at the lower-end of the price band, to garner over Rs 460 crore.
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The company has fixed the issue price at Rs 490 a share for offering 94.29 lakh equity shares to public, aggregating to Rs 462.05 crore, Godrej Industries said in a filing to the Bombay Stock Exchange.
The realty firm, which is promoted by Godrej Industries and Godrej & Boyce Manufacturing Company, would use the proceeds for acquiring land, construction of projects and repayment of loans.
The company had already raised Rs 90 crore through issue of 16.97 lakh shares at a price of Rs 530 a piece, to four anchor investors including The Royal Bank of Scotland and JF India Fund.
Godrej Properties IPO was subscribed nearly four times on the final day of its public subscription on December 11.
The company had appointed ICICI Securities, Kotak Mahindra Capital as the global coordinators and book running lead managers, while IDFC-SSKI and Nomura Financial Advisory and Securities (India) were the book running lead managers to the issue.