 "Godrej Properties shares trim early gains; close mixed on bourses")
The stock of Godrej Properties trimmed most of its early gains and closed on a mixed note on Wednesday.
In early trade, the scrip surged 5 per cent after the company launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares.
During the day, it gained 5 per cent to Rs 1,523.90 on BSE. Later, it shed most of the gains to close at Rs 1,458.50, up 0.46 per cent.
On NSE, it settled with a decline of 0.35 per cent at Rs 1,457.90 after rising 4.22 per cent to Rs 1,524.90 during the day.
The QIP committee of the board of directors, in its meeting held on Tuesday, approved and adopted the preliminary placement document in connection with the issue, the company said in a regulatory filing.
It also approved the opening of the issue from March 9.
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The panel approved the floor price for the issue at Rs 1,513.39.
Godrej Properties did not disclose the amount it has proposed to raise through QIP.
On Monday, its shareholders had approved the proposal to raise up to Rs 3,750 crore through the issue of securities.
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