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The board of directors of Godrej Properties Ltd has approved raising of up to Rs 700 crore through a rights issue.
It also gave its nod for the sub-division of equity shares of Rs 10 each into two shares of Rs 5 each.
In a communication to the stock exchanges, the company said its board has approved the issue of equity shares of Rs 10 each to the existing equity shareholders on a rights basis aggregating up to Rs 700 crore.
However, terms of the rights issue such as issue ratio, price, issue size, record date and timing etc. were left to be decided by the Committee of the Board (Rights Issue Committee) in consultation with lead managers to the issue.
The board has approved the sub-division of equity shares of Rs 10 into two shares of Rs 5 each subject to necessary approvals. The sub-division would be done after the completion of the rights issue.
The board had earlier approved it on March 23, 2013 but it could not be given effect to.
The board has recommended a dividend of Rs 4 per share. The stock was trading at Rs 617.50, a loss of 85 paise on the BSE. It had touched a high of Rs 638.65 today.
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