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|