Godrej Prop fixes IPP issue price at lower band, stk dn 4%
Godrej Properties is trading lower by 4% at Rs 637 after the company has fixed an issue price at lower price band of Rs 575 for allocation of equity shares under the Institutional Placement Programme (IPP).
“The duly authorised Securities Issuance Committee of the board of directors of the company has by a resolution dated March 24, 2012 finalised allocation of equity shares under the IPP to the successful applicants at an issue price of Rs 575 per equity share," the Mumbai-based real estate company said in a filing to the stock exchanges.
The board had fixed the price band at Rs 575 to Rs 620 per equity share for the IPP issue. The issue opened and closed on March 22, 2012, received bids for 8.7 million shares, against the 8.18 million fresh ones on offer.
The stock opened at Rs 655 and hit a low of Rs 632 on the National Stock Exchange. A combined 12,935 shares have changed hands on the counter so far on both the exchanges.