Godrej Properties Ltd on Thursday said it will hit the capital market with its proposed initial public offer (IPO) on December 9 and close on December 11.
The real estate company is planning to enter the primary market with an issue size of 94.29 lakh equity shares and the initial public offer will constitute 13.5 per cent of the post issue paid up capital of the company.
“The face value of each equity share is Rs 10. The price band and minimum bid lot will be decided by the company in consultation with the global coordinators and book running lead managers,” the company said in a public announcement.
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The realty firm is promoted by Godrej Industries Ltd and Godrej & Boyce Manufacturing Company Ltd. It has not disclosed how much funds it plans to raise from the IPO, it aims to use Rs .203 crore for acquiring land for its forthcoming projects.
Besides, it also intends to spend Rs. 172 crore for repayment of loans.
Besides, Rs. 75 crore would be used for construction of the realty firm’s forthcoming projects in three years time.
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Shares of the firm are proposed to be listed on the National Stock Exchnage (NSE) and Bombay Stock Exchange (BSE).
Last year, the company had planned to come out with the IPO but shelved it due to volatile market conditions in the wake of the global slowdown.
It has roped in ICICI Securities, Kotak Mahindra Capital Company as global coordinators and book running lead managers, while IDFC-SSKI and Nomura Financial Advisory and Securities (India) as the book running lead managers to the issue.