The board of directors of Godrej Properties Ltd. (GPL) has approved a proposal for the sub-division of the company’s equity shares of nominal value of Rs. 10 each into two equity shares of nominal value of Rs. 5 each.

The record date will be announced after the proposal is approved by the members of the company, Godrej Properties said in a filing to the stock exchanges. The company has decided to seek the approval of shareholders for sub-division of shares by way of postal ballot. After the decision , Godrej Properties shares gained 1.24 per cent in a bearish market to close at Rs. 521.45 on the BSE.

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