Tuesday, May 18, 2010

Godrej Properties promoters to dilute stake thru’ QIP

Godrej Properties promoters are open to dilute their stake in their real-estate company to accelerate future growth, according to Chairman Adi Godrej. Currently, the promoters hold 84 per cent stake in the company.

The company may dilute the stake through private equity or Qualified Institutional Placement routes.

At present, the company's debt to equity ratio is very low and it will go up marginally as the company plans to raise further equity in the next 18 to 24 months. At present the promoter holding is about 84 per cent therefore the company can afford the dilute further and raise more equity for the growth of the company, Mr Godrej added.

The company would be entering Mangalore, Chennai, Hyderabad and Kochi housing market. In addition, it would be developing two new townships at Kalyan near Mumbai and in Pune.

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