Godrej Properties Ltd, the real estate division of the Godrej Group, has made it known that it submitted the Draft Red Herring Prospectus (DHRP) with SEBI, aiming for an IPO encompassing approximately seven million shares.
In line with a company announcement, the firm intends to pursue an IPO of 9,429,750 equity shares, each valued at ten rupees, utilizing a complete book building process aimed at partially financing this venture. The Book Running Lead Managers (BRLMs) for this issue are ICICI Securities Ltd and Kotak Mahindra Capital Company Limited.
Presently, Godrej Properties is engaged in various real estate development projects across eleven cities in India, each at distinct phases of completion. As of the 15th of this month, the company has successfully completed 19 projects, which comprise 13 residential and 6 commercial projects.
Moreover, Godrej Properties boasts land reserves totaling 404 acres, inclusive of its ongoing and anticipated projects. Currently, its parent entity, Godrej Industries Limited, retains a substantial 81.41% of the equity share capital of Godrej Properties.