The announcement was made before trading hours today, 26 March 2012.

Meanwhile, the BSE Sensex was down 192.67 points, or 1.11%, to 17,169.07.

On BSE, 2,795 shares were traded in the counter as against an average daily volume of 7,553 shares in the past one quarter.

The stock hit a high of Rs 658.95 and a low of Rs 632.20 so far during the day. The stock had hit a record high of Rs 845 on 12 July 2011. The stock had hit a 52-week low of Rs 592.30 on 21 March 2012.

The stock had outperformed the market over the past one month until 23 March 2012, gaining 1.89% compared with the Sensex's 3.96% fall. The scrip had, however, underperformed the market in past one quarter, rising 3.27% as against 10.31% rise in the Sensex.

The mid-cap real estate developer has an equity capital of Rs 69.85 crore. Face value per share is Rs 10.

The board of Godrej Properties by way of a circular resolution dated 8 February 2012, approved the issuance of further equity shares of face value of Rs 10 each by way of an institutional placement programme (IPP). The company had set the price band at Rs 575 to Rs 620 each for the sale of Rs 74 lakh shares, or a 10.6% stake.

The issue price of Rs 575 is 12.96% discount to Friday's (23 March 2012) closing price of Rs 660.60 and 10.57% discount over the ruling market price.

The share sale was done to comply with the changed public shareholding norms. Founders of Godrej Properties earlier owned 83.79% of the company (as on 31 December 2011). Market regulations stipulate India's listed companies should have a minimum 25% public shareholding.

On a consolidated basis, Godrej Properties' net profit jumped 84.4% to Rs 28.62 crore on 196.9% growth in net sales to Rs 143 crore in Q3 December 2011 over Q3 December 2010.

Established in 1990, Godrej Properties (GPL) has completed several landmark projects and is currently developing significant projects in 12 cities across India. Throughout its operations, the company aims to deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight.