Godrej Properties has conducted a private placement of shares valued at US$95 million.
Godrej Properties is the first company to complete a placement through the recently enacted institutional placement programme (IPP). The IPP has been introduced to enable publicly listed companies to comply with the minimum public shareholding requirements in India. The IPP allows promoters to sell up to 10% of the company’s equity shares to institutional investors.
Godrej Properties is a real estate development company in India and is a part of the Godrej group. The company focuses on residential, commercial and township developments. It has projects in Ahmedabad, Bangalore, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mangalore, Mumbai, Pune and Gurgaon.
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