Godrej Industries Ltd chairman Adi Godrej said on Tuesday the group's real estate unit, Godrej Properties, will file papers for an initial public offer with the markets regulator in "a few days". "We will file the prospectus with Sebi (Securities and exchange Board of India) in a few days," Godrej said.
"We will be diluting about 10% stake." The company is currently developing about 20 million sq ft in Mumbai, Pune, Kolkata, Bangalore and Hyderabad. Indian real estate firms, hit by surging land costs and curbs on bank funding, have rushed to the capital market as they expand to cash in on an urban real estate boom.
In 2007, real estate firms mopped up a third of all funds raised through public offers in India. Twelve real estate firms raised Rs 15,185 crore, including the country largest real estate firm DLF, which raised $2.25 billion
Courtesy: Wednesday T.O.I 27 February
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