Godrej Properties files IPO with SEBI

Mumbai: Godrej Group company Godrej Properties Ltd filed the Draft Red Herring Prospectus with SEBI for an initial public offering to raise necessary fund for company’s expansion.

The company is expecting to raise around Rs 600 crore from the primary market through the proposed IPO, merchant banking sources said. “The company proposes to issue 94.29-lakh shares of Rs 10 each to the public through the IPO,” said a release issued by Godrej Properties.

“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 of 19 projects consisting 13 residential and 6 commercial projects, aggregating approximately 3.62 million sq ft of area that can be developed,” the company said.

“Godrej Properties’ land reserves currently stand at 404 acres, aggregating to approximately 78.87 million sq ft of developable area and 54.98 million sq ft of saleable area.” Godrej Industries Ltd, the listed flagship company of the Godrej Group of companies as well as its promoter andparent company, currently holds 81.41 per cent of the equity share capital of Godrej Properties.