Shares of the Godrej Properties surged 6% on Friday after strong response from investors to its institutional placement programme (IPP).
The company's IPP was oversubscribed 17% more than the stipulated amount and is expected to raise about Rs 475 crore which will be utilised to cut debt and invest in realty projects. The company is expected to announce final allotment in the next week.
The price band was fixed at Rs 575-620 per equity share. Godrej Properties shares were trading higher by 6.60% at Rs 660.30 on BSE at 1.10 pm IST.
The share sale, first of its kind to take the IPP route after SEBI introduced the mechanism this year, allows companies to auction shares to institutional investors and decrease owners' stake to 75%. The process helps companies to reduce debt-equity ratio.
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