The QIP committee has authorised the opening of the issue on Tuesday and has set a floor price of Rs 928 apiece for the share sale.
The real estate arm of Godrej Group, Godrej Properties, on Tuesday announced its qualified institutional placement (QIP), offering to raise around Rs 2,100 crore ($300 million). BofAML, Kotak, CLSA and Axis Capital are the bankers to the issue.
The meeting of the board of directors of Godrej Properties is scheduled to be held on Friday for the consideration of QIP. The QIP committee has authorised the opening of the issue on Tuesday and has set a floor price of Rs 928 apiece for the share sale. For prevention of insider trading, the trading window for dealing the securities of Godrej Properties is closed from June 25 till June 30 for all designated persons.
“Increased equity participation in JV projects will likely aid higher cash-flow generation, unlike legacy projects that had lower attributable ownership. Even as our ‘sell’ rating remains, we revise our fair value estimate to `670/share noting aggressive sales and new business development,” said a KIE report.