Millennium Post

Godrej Properties gets Sebi posers on Rs 700-cr rights issue

Market regulator Sebi has sought clarification from the merchant banker of Godrej Properties, the real estate arm of Godrej Group, regarding the company's proposed Rs 700 crore rights issue.

Without disclosing the details of the clarifications sought, the Securities and Exchange Board of India (Sebi) has said that 'clarifications (are) awaited from lead manager' for the proposed rights issue.

In 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 5 July, 2013.

The status is updated on a weekly basis by the regulator and the next update of the status as on 12 July 2013 would be uploaded on the Sebi website on the next working day.

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