Godrej Properties files DHRP with SEBI

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New Delhi, May 30 (UNI) Real estate arm of the Godrej Group, Godrej Properties Ltd, today said it has filed the Draft Red Herring Prospectus (DHRP) with SEBI for an initial public offer (IPO) of at least 6.99 million shares.

The firm proposes an IPO of 9,429,750 equity shares of Rs 10 each through 100 per cent book building process to part finance this plan, a company statement said.

ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd are the BRLMs for the Issue, it added.

The company currently has real estate development projects in 11 cities in the country at various stages of development.

As of May 15, it has completed a total of 19 projects consisting 13 residential and six commercial projects.

Godrej Properties' land reserves currently stands at 404 acres, which includes its ongoing projects and forthcoming projects.

Its promoter and parent company Godrej Industries Limited, currently holds 81.41 per cent of the equity share capital of Godrej Properties.

Real estate firms in India, which mopped up a third of all public offer funds in 2007, have stayed away from the primary market after Emaar MGF withdrew its 1.6-billion dollar IPO in January.

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