Godrej Properties will go for an IPO to offload 10% of its equity - Indian Real Estate Forum

dewakar · 12-06-07

Godrej Properties, which is presently developing 2-crore sq.ft of real estate space across the country, will go for an IPO to offload ten per cent of its equity, expected to fetch Rs 400-600-crore for fuelling its expansion plans.

Godrej Group Chairman, Adi Godrej Says.- "We will be offloading 10% in the second-half of this fiscal. Currently, Godrej Industries owns 82% stake while the family, 18% in the company"

With the offloading, Godrej Industries' holding will come down to 75% and the family's to around 15%, Godrej said, adding that merchant bankers would be appointed shortly. "We are in discussions with 3-4 of them and a decision will be taken very soon," he said, without revealing their identities.

While Godrej declined to reveal the issue size, at the moment, the industry feels that the issue could be anywhere between Rs 400 and Rs 600-crore.
Elaborating on the company's expansion plans, Godrej said property development would be a thrust area for the group and in five years Godrej Properties could emerge as the largest player within the group.

As a part of its expansion plans, Godrej Properties is focusing new markets such as Chennai, Kochi, the National Capital Region (NCR) and Goa. The company is presently active in Mumbai, Pune, Kolkata, Bangalore and Hyderabad. Godrej said that one-third of the real estate development was residential while the rest was commercial which included offices, IT parks and malls.

The company is presently engaged in the development of the tallest residential towers in the country comprising of 50-storeys. Five such towers are being built in the posh Mahalakshmi area of Mumbai, and also being planned in places like Hyderabad.

source: moneycontrol.com

12-06-07	#1
dewakar Member Join Date: Oct 2006 Posts: 73 Thanks: 0 Thanked 0 Times in 0 Posts	Godrej Properties will go for an IPO to offload 10% of its equity Godrej Properties, which is presently developing 2-crore sq.ft of real estate space across the country, will go for an IPO to offload ten per cent of its equity, expected to fetch Rs 400-600-crore for fuelling its expansion plans. Godrej Group Chairman, Adi Godrej Says.- "We will be offloading 10% in the second-half of this fiscal. Currently, Godrej Industries owns 82% stake while the family, 18% in the company" With the offloading, Godrej Industries' holding will come down to 75% and the family's to around 15%, Godrej said, adding that merchant bankers would be appointed shortly. "We are in discussions with 3-4 of them and a decision will be taken very soon," he said, without revealing their identities. While Godrej declined to reveal the issue size, at the moment, the industry feels that the issue could be anywhere between Rs 400 and Rs 600-crore. Elaborating on the company's expansion plans, Godrej said property development would be a thrust area for the group and in five years Godrej Properties could emerge as the largest player within the group. As a part of its expansion plans, Godrej Properties is focusing new markets such as Chennai, Kochi, the National Capital Region (NCR) and Goa. The company is presently active in Mumbai, Pune, Kolkata, Bangalore and Hyderabad. Godrej said that one-third of the real estate development was residential while the rest was commercial which included offices, IT parks and malls. The company is presently engaged in the development of the tallest residential towers in the country comprising of 50-storeys. Five such towers are being built in the posh Mahalakshmi area of Mumbai, and also being planned in places like Hyderabad. source: moneycontrol.com

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