Godrej group has received the market regulators (Securities and Exchange Board of India) nod for an initial public offer (IPO) of its real estate unit, Godrej Properties.
The company may accumulate around Rs 450-600 crore through the issue while offering close to 10% stake.
ICICI Bank and Kotak Mahindra Capital are managing the issue for the company.
Godrej Industries along with Godrej family holds entire stake in the company, their holding currently stands at 82% and 18%, respectively.
Godrej Properties currently caters to high and middle-segment of residential property market and it is intending to enter the low-cost housing segment. The company has constructed projects in major cities like Mumbai, Pune, Kolkata, Bangalore, Hyderabad and Ahmedabad and is looking to tap Goa, Chennai, Kochi and the National Capital Region (NCR).
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