|Hot Pursuit||Friday, March 30, 2012 10:58 Hrs IST|
Godrej Properties gains after undertaking redevelopment project in Mumbai
The announcement was made after market hours on Thursday, 29 March 2012.
Meanwhile, the BSE Sensex was up 215.89 points, or 1.27%, to 17,274.50.
On BSE, 2,256 shares were traded in the counter as against an average daily volume of 8,072 shares in the past one quarter.
The stock hit a high of Rs 626 and a low of Rs 612.25 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 underperformed the market over the past one month until 29 March 2012, falling 7.52% compared with the Sensex's 3.91% fall. The scrip had also underperformed the market in past one quarter, falling 1.39% as against 9.74% rise in the Sensex.
The mid-cap real estate developer has an equity capital of Rs 78.04 crore. Face value per share is Rs 10.
Godrej Landmark Redevelopers (GLRPL), a subsidiary of Godrej Projects Development (GPDPL), will execute the project spread over 14,600 square meters (sq mt), which will offer around 600,000 square feet (sq ft) of free saleable area, a company statement said.
Godrej Properties (GPL) has tied up with Kamla Landmark Property Leasing and Finance (Kamla) to form GPDPL to undertake residential redevelopment project in Sahakar Nagar at Chembur. GLRPL has entered into a revenue sharing arrangement with Kamla for developing this project, with the former getting 87.5% of the revenues arising out of the free sale area, the release said.
The 18 buildings of MHADA (Maharashtra Housing and Area Development Authority) currently housing 216 residents will be developed as a modern group housing project comprising 2, 2.5, and 3 bedroom-hall-kitchen (BHK) apartments.
"Mumbai is a city that requires a large number of redevelopment projects. These projects improve the quality of life for the current residents while simultaneously increasing the availability of housing in the city. This project marks GPL's entry into the redevelopment space," GPL Executive Director Pirojsha Godrej said.
Godrej Properties on Monday, 26 March 2012, said that its board finalised allocation of equity shares under the institutional placement programme (IPP) to the successful applicants at the lower end of the Rs 575 - Rs 620 price band.
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 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 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, 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.