Godrej Properties Rs 700-cr rights issue fully subscribed

Realty firm Godrej Properties' sale of shares to existing shareholders through rights issue to raise Rs 700 crore has been fully subscribed.

Godrej Properties had offered 21,538,388 equity shares of face value of Rs 10 each at a price of Rs 325 per equity share for an amount aggregating to Rs 700 crores on a rights basis to the existing shareholders.

"Based on reports from the Registrar to the Issue, the company has received full subscription to its rights issue," the Mumbai-based company, the realty arm of the Godrej Group, said in a statement.

The final confirmation and allotment process will be carried out over the next few days. Kotak Mahindra Capital Company was the sole Lead Manager to the rights issue.

This was the third capital market fund raising exercise by Godrej Properties.

The company had launched its Initial Public Offer (IPO) in December 2009 and successfully conducted India's first ever Institutional Placement Programme (IPP) in March 2012.

"We are very happy to successfully close the subscription to our rights issue. I'd like to thank all our shareholders for demonstrating such a tremendous confidence and faith in the growth prospects of our company. We believe that the funds generated will strengthen our financial position and our ability to continue to add projects across India," Godrej Properties MD & CEO Pirojsha Godrej said.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 85 million square feet in 12 cities.