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Friday, September 11, 2009

Godrej Properties IPO in three months

Godrej Properties will hit the capital market with an initial public offer (IPO) in the next three months, its Chairman Adi Godrej said today.

"We have got clearance for our Draft Red Herring Prospectus (DRHP) from SEBI. We will come out with an IPO in three months time," Godrej told reporters here.

The real estate company will offload 10 per cent equity shares to the public, while 3.5 per cent shares will be available as pre-IPO placement, he said.

The company has mandated ICICI Securities and Kotak Mahindra to manage the issue.

Godrej Industries Ltd currently holds a little over 80 per cent in Godrej Properties.

The company, which is present in residential, commercial and retail spaces of real estate, may set up affordable housing projects in three cities.

"We are mulling affordable housing projects in Ahmedabad, Kolkata and suburban Mumbai," Godrej said.

GPL already has a presence in Pune, Hyderabad, Kolkata, Mumbai and Bangalore.

On consumer products, Godrej said rising sugar prices have made producers consider hiking prices of food products.

The Godrej Group manufactures chocolates and confectionery through subsidiaries Godrej Hershey Foods & Beverages Ltd and Godrej Beverages & Foods Ltd.


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