Godrej Properties’ Up To $91M Share Auction Covered

Real estate developer Godrej Properties' share sale to raise up to $91 million was fully covered on Thursday, stock exchange data showed.

Institutional investors bid for 7.5 million shares by 3:30 p.m. of the 7.4 million shares on offer via a newly approved auction programme, the Bombay Stock Exchange website showed. The auction closes at 5:00 p.m.

Godrej has set the price band at Rs 575 to Rs 620 per share for the sale.

Shares in the company ended 3 per cent down at Rs 620, while the BSE Sensex closed down 2.3 per cent.