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Godrej Properties lists at Rs 510/sh, surges 16%
Godrej Properties has listed at Rs 510 per share as against issue price of Rs 490 per share on the BSE. At 9:13 hours IST, the share was trading at 568.45, a premium of 16% over its issue price. It has touched an intraday high of Rs 586.70 and low of Rs 500.
Godrej Properties has listed at Rs 510 per share as against issue price of Rs 490 per share on the BSE. At 9:13 hours IST, the share was trading at 568.45, a premium of 16% over its issue price. It has touched an intraday high of Rs 586.70 and low of Rs 500.
At the same time, it was trading at Rs 565.60, up 15.43%, and touched a day's high of Rs 586.80 & low of Rs 511, on the NSE. It has seen a turnover of Rs 121.68 crore.
The IPO (initial public offering) of 9,429,750 equity shares of Rs 10 each was opened during December 9-11, 2009 and was subscribed four times, as per data available on the NSE website. The company has collected over Rs 460 crore from this issue.
Parent company Godrej Industries currently holds 80.26% of equity share capital in the real estate company.
It is in the business of real estate development in India. It currently has real estate development projects in 10 cities in India, which are at various stages of development.
The proceeds of the issue will be used for acquisition of land development rights for forthcoming projects; construction of forthcoming project and repayment of loans. In an IPO press conference, the company said would use 30% of IPO funds to repay debt.
