Godrej Properties will list its equity shares issued via public issue on the exchanges on January 5, 2010. It has fixed the issue price at Rs 490 per share, at lower end of price band of Rs 490-530.

The IPO (initial public offering) of 9,429,750 equity shares of Rs 10 each was opened during December 9-11, 2009 and was subscribed four times, as per data available on the NSE website. The major support was seen from qualified institutional investors; their reserved portion got subscribed 7.45 times. Retail and non-institutional investors’ portion remained undersubscribed.

The company has collected over Rs 460 crore from this issue. It had already received commitment from anchor investors and collected nearly Rs 90 crore from them at Rs 530 per share.

Parent company, Godrej Industries currently holds 80.26% of equity share capital in the company.

It is in the business of real estate development in India. It currently has real estate development projects in 10 cities in India, which are at various stages of development.

The proceeds of the issue will be used for acquisition of land development rights for forthcoming projects; construction of forthcoming project and repayment of loans. In an IPO press conference, the company said would use 30% of IPO funds to repay debt.

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