Godrej Properties Limited (GPL) updated their DRHP today expected to hit the primary market with its IPO (initial public offering) issue soon. GPL filled their DRHP for public issue last year in June 2008. Godrej Industries holds 82% in the GPL.
As per the DRHP filed in June 2008, IPO proceeds will be used for acquisition of land development rights for forthcoming projects, construction of forthcoming projects and repayment of loans.
9 crores shares will be diluted to raise about Rs 600 crore via the IPO issue To the extent of stake sale, it is going to be 13.5%. But what might change is that before the company was actually mulling a 3.5% placement pre-IPO and now as we understand it is looking at 13.5% stake sale via the IPO issue by itself, primarily because the pre-IPO placement will be very close on heels with its IPO issue.
New updated DRHP is still awaited.
ICICI Securities and Kotak Mahindra are bankers to the issue.
