Godrej Properties lists at 16% premium

Chennai, January 6, 2010: Godrej Properties Ltd. listed at Rs. 510, a premium of 16% over the issue price of Rs 490 per share on the BSE.

Godrej Properties Limited a part of Godrej group of businesses had entered the capital markets with its IPO of 9,429,750 shares with a price band of Rs. 490 – Rs. 530 aggregating up to Rs. 500 crore.

Commenting on the listing, Mr Sudip Bandyopadhyay, Group President- Finance, Spice Group, said: “The great listing of Godrej properties once again shows that credibility of promoter group coupled with leaving margin on the table for the IPO investors always works wonder for post listing performance for any IPO.”

The IPO of Godrej Properties Limited received an overwhelming response as it got subscribed four times. The Global Coordinators and Book Running Lead Managers to the issue are ICICI Securities Limited and Kotak Mahindra Capital Company Limited, and the Book Running Lead Managers are IDFC – SSKI Limited and Nomura Financial Advisory and Securities (India) Private Limited. Karvy Computershare Private Limited is the registrar

source – mydigitalfc.com

Godrej Property sets issue price at Rs 490/sh

After receiving lukewarm response from retail and non-institutional investors, Mumbai based Godrej Properties has fixed the issue price at Rs 490 per share, at lower end of price band of Rs 490-530. Maximum bids came in at Rs 490 per share on the last day.

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 fromthem at Rs 530 per share.

The issue constituted 13.5% of the post issue paid-up capital of the company. 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.

The company has land reserves of 391.04 acres, developable area of 82.74 million sqft and saleable area of 50.21 million sqft (including 27 million sqft in Ahmedabad).

Global Co-ordinators and book running lead managers to the issue were ICICI Securities Limited and Kotak Mahindra Capital Company Limited. The book running lead managers to the issue were IDFC – SSKI Limited and Nomura Financial Advisory & Securities (India) Private Limited. Karvy Computershare Private Limited was the registrar.

source – http://www.moneycontrol.com/news/ipo-issues-open/godrej-prop-sets-issue-price-at-rs-490sh_430562.html

Godrej to build India’s first green township in city

AHMEDABAD: Godrej Properties Limited (GPL), a real-estate arm of conglomerate Godrej Group, will launch India’s
largest and first green township project in January. The eco-friendly project is coming up near Nirma University on Sarkhej-Gandhinagar road.

Adi Godrej, chairman Godrej Group, said that GPL has inked MOU with Clinton Climate Initiative (CCI) programme for the Ahmedabad township project to be developed in a joint venture with local partner Siddhi Group on about 225 acres of land.

Godrej was in town for the company’s forthcoming IPO. Interestingly, Godrej Garden City’ (GGC) is one of the 16 real-estate projects in the world selected by CCI, for climate positive development. Godrej group is also founder member of Indian Green Building Council (IGBC). The company will avail green building ratings for GGC from leading agencies.

The project will completed in a phase manner over next ten years, ending with 20,000 dwellings in the price ranging from Rs 20 to 35 lakh during the initial phases. However, the company also plans to build smaller flats worth Rs 10 lakh in the later stages, he said. The work for the first phase is expected to finish in the next two years with 500 dwelling units, mostly two and three BHK.

Apart from the use of solar power, water recycling and harvesting, GPL would use fly-ash bricks and develop many gardens, including a 10-acres park, said Milind Korde GPL, managing director. Amenities like sports complex, club house, schools, hospitals and high street shopping areas are also planned, he added.
Hyderabad based MP Rao, a green building expert and member of IGBC steering committee, said that as of now there is not a single green-integrated township in the country. In fact, IGBC is working on a draft for Green Neighbourhood Rating System to give ratings to upcoming townships, said Rao.

source – http://timesofindia.indiatimes.com/city/ahmedabad/Godrej-to-build-Indias-first-green-township-in-city/articleshow/5306093.cms