Godrej Properties Ltd, a unit of Godrej Industries Ltd, may raise up to 4.98 billion rupees on the upper end of the price band for its 9.4-million-share public issue, the parent said on Friday.
The price band for the offering has been fixed at 490-530 rupees a share, Godrej Properties said in a statement to the BSE. The issue opens on Dec. 9 and ends on Dec. 11, according to a newspaper advertisement on Thursday.
The funds will be used for new projects, debt repayment and for joint development projects, Godrej group chairman Adi Godrej said at a briefing. About 2.03 billion rupees will be used for land acquisition, 750 million rupees for construction and 1.72 billion rupees to cut debt.
The issue will constitute 13.5 percent of the company's post-issue capital, with at least 60 percent of this reserved for institutional buyers and a minimum of 30 percent set aside for retail investors. A minimum of 10 percent is reserved for non- institutional buyers.
ICICI Securities, Kotak, IDFC-SSKI and Nomura will manage the issue.
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