Godrej Properties to Raise as Much as $108 Million From IPO

By Sumit Sharma

Dec. 4  -- Godrej Properties Ltd., controlled by
Indian billionaire Adi Godrej, aims to raise as much as 4.99 billion
rupees ($108 million) in an initial share offer.

The Mumbai-based developer plans to offer 9.43 million shares
for 490 rupees to 530 rupees apiece, parent company Godrej
Industries Ltd. said in a statement to the Bombay Stock Exchange
today.

The shares will be offered from Dec. 9 to Dec. 11, the
company has said.

Godrej Properties leads Indian property companies including Lodha
 Developers Ltd. and Sahara Prime City Ltd. in seeking to sell 
shares for the first time to raise about 142 billion rupees. 

The developers aim to pay down debt and build new projects
in a nation with an estimated shortage of 24.7 million homes.

ICICI Securities Ltd., Kotak Mahindra Capital Co., IDFC- SSKI Ltd. 
and Nomura Financial Advisory & Securities (India) Pvt. 
are managing the share sale for Godrej.

The developer plans to use the fund to build new projects and repay loans, it said.

Source:Bloomberg