HDFC Venture buys 49% in stake in Godrej properties

Mumbai: HDFC Venture has picked up 49 per cent stake in two subsidiaries of Godrej Properties, the real estate arm of the Godrej group, according to the draft red herring prospectus (DRHP) filed by Godrej Properties with Sebi.

Godrej Realty Private and Godrej Waterside Properties, the subsidiaries of Godrej Properties, are developing properties in different locations in the country.

Godrej Waterside is a commercial project in Kolkata's Salt Lake Sector V and includes an IT park which is to be developed in two phases, according to the firm's website.

According to sources, the company is expected to raise nearly Rs 600 crore from the market.

Its promoter, Godrej Industries, which holds 81.41 per cent stake in Godrej Properties, is expected to dilute 13.5 per cent stake in the IPO.

The company is also planning a pre-IPO placement of 24,44,750 equity shares with certain investors, Godrej Properties said in the DRHP.

The price band of the issue could be in the range of Rs 550-Rs 600.