Godrej Properties fixes IPO price at Rs 490

Godrej Industries Ltd has announced that with reference to the Proposed Initial Public Offer of 9,429,750 Equity Shares of Rs. 10 each (the "Equity Shares") by Godrej Properties Ltd. ("GPL"), a subsidiary of Godrej Industries Ltd. ("GIL" or the "Company") ("Issue"), The Company (GPL) has filed a Red Herring Prospectus with the Registrar of Companies, Mumbai on November 30, 2009.

Further the Company has informed that, at the meeting of the Initial Public Offer Committee ("IPO Committee") of GPL held on December 11, 2009, the price of the Issue has been decided and approved by the members of the IPO Committee, in consultation with the Global Coordinators and Book Running Lead Managers and the Book Running Lead Managers, as Rs. 490 (Rupees Four Hundred Ninety only).

The Godrej Industries Ltd stock was trading at Rs.178.30, up by Rs.2 or 1.13%. The stock hit an intraday high of Rs.180.75 and low of Rs.176.20.

The total traded quantity was 154758 compared to 2 week average of 548515.

Source : Equity Bulls

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