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Wednesday, June 04, 2008

Godrej Properties files DRHP with SEBI

Godrej Properties, one of the leading real estate development companies in India, proposes to enter the capital markets to raise necessary funds for the company's expansion plans and has filed a draft red herring prospectus with SEBI.

The company proposes an initial public offering of 9,429,750 equity shares of Rs 10 each through 100% book building process to part finance this plan.

ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd are the BRLMs for the issue.

Godrej Properties is in the business of real estate development including residential, commercial and township development. The company currently has real estate development projects in 11 cities in the country at various stages of development.

As of May 15, 2008, it has completed a total od 19 projects consisting 13 residential and 6 commercial projects, aggregating approximately 3.62 million sq. ft. of Developable Area.

Godrej Properties' land reserves currently stands at 404 acres, aggregating to approximately 78.87 million sq. ft. of developable area and 54.98 million sq. ft. of saleable area, which includes its ongoing projects and forthcoming projects. This land reserves include 54.1 acres which are in the process of being aggregated.

Its promoter and parent company Godrej Industries Limited, currently holds 81.41% of the equity share capital of Godrej Properties. Godrej Industries Limited is the listed flagship company of the Godrej Group of companies.

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