Comments
The Securities and Exchange Board of India has sought clarification from Godrej Properties merchant banker, regarding the company’s proposed Rs 700-crore rights issue.
Without disclosing the details of the clarifications sought, SEBI has said that “clarifications (are) awaited from lead manager” for the proposed rights issue.
Rights offer
In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.
As per the latest weekly update to the processing status of draft offer documents filed with SEBI, the regulator has said clarifications were awaited on the proposed rights issue of Godrej Properties as on July 5, 2013.
The status is updated on a weekly basis by the regulator and the next update of the status as on July 12 2013 would be uploaded on SEBI Web site on the next working day.
The market regulator said that it might issue observations on Godrej Properties’ document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.
The regulator had received the draft offer documents on June 5, 2013 through its lead manager Kotak Mahindra Capital Company Ltd. The company’s proposed rights issue is estimated to raise up to Rs 700 crore.
The funds raised through the issue would be utilised for ongoing projects as well as new projects.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.