Last Monday, Adi Godrej, Group Chairman of the realty developer Godrej Properties admitted that on June 30, their net debt was reduced to Rs. 4 billion. He added that the balance sheet is really comfortable with the debt equity ratio of 0.5: 1.
As per the data revealed by Managing Director of Godrej Properties, Milind Korde, there was a net debt of Rs 4.50 billion on the company in the end of the financial year 2009.
In December, Godrej Properties which is a unit of Godrej Industries was able to raise around 100 million dollar through its Initial Public Offering (IPO).The share of firm closed at Rs 690.40 per share which is a decline of 1.69%.
Last Monday, prospectus was filed according to which the Embassy Property Developers, an Indian real estate firm is planning to raise an amount of 513 million dollars through an IPO (Initial Public Offering) of shares.
As per the prospectus, a pre-IPO placement of around 57.5 million shares for up to 11.75 billion rupees is being considered by Embassy Property. However, it is expected that they will provide a discount of 5% to the retail investors.
The IPO time line is not yet set.
According to the data collected by Thomson Reuters, in 2009, there was a raise of $16 billion from 87 offerings, while in mid June of this year; a total raise of about $11 billion from 56 issues took place.
Photo by Trilok RanganA Real Estate firm Embassy Developers is expected to generate over 513 million US Dollars as said by their Prospectus which was filed today. This will be done through an initial public offering of shares.
The draft is available on the Edelweiss website. The lead running managers for the issue are Nomura, UBS, Local Investment Bank and Citi.
The prospectus included that Embassy property is looking at pre-IPO placement of around 57 million shares for up to 11.75 billion rupees with certain investors. The retail investors may be offered a 5% discount on the issue price.
Though the time line is not yet been set.
The Indian companies have raised a lot of money through share sales by mid-June of FY10 from 56 issues which is higher than last year, as shown by the data collected by Thomson Reuters.
India has also asked bids to appoint 4 banks for managing a follow-on public offering in state-run Power grid Corp of India.