Tuesday, May 12, 2009

Godrej Properties plans IPO

Godrej Properties, the realty arm of Godrej, plans to come out with an IPO (initial public offering) this fiscal. This IPO is coming at a time when the realty index has given up 71% in the last year. The recent salary hike of government employees, as well as fall in property prices and cut in lending rates may give a support to the falling property prices.

Recently, Godrej Industries has announced buy back of shares of 5.70 lakh equity shares at a price not exceeding Rs275, which translates into a 9.9 per cent stake.

Source: Asian CERC



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