Realty major Godrej Properties today said it would issue up to 81.86 lakh shares, which is estimated to be worth about Rs 543 crore at current market value, to qualified institutional buyers.
In a filing to the BSE, the company said the board had decided to issue up to 74,42,555 equity shares, with a face value of Rs 10 each, to qualified institutional buyers through institutional placement.
Godrej Properties has kept an option to allot an additional up to 7,44,255 shares in case of over-subscription.
The price band or the floor price and the opening and closing date of the issue would be decided by the company in consultation with the book running lead managers, it said.
The company's share price today fell by 1.88 per cent to close at Rs 663 a piece. It market cap currently stands at Rs 4,631 crore. Promoters held 83.79 per cent stake in the company as on December 31, 2011.
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