Godrej Properties has surged 11% to Rs 513, in otherwise extremely week market, ahead of its proposed Rs 700 crore rights issue.
The Mumbai-based real estate developer has fixed August 20, as record date for the proposed rights issue of the company.
The company would issue 8 shares for every 29 shares held by shareholders as on the record date. The issue price has been fixed at Rs 325 per share, which is almost 37% less than the current market rate.
Godrej Properties said it will raise up to Rs 700 crore by issuing 21.5 million shares to existing shareholders through rights issue.
The stock opened at Rs 465 and hit a high of Rs 521 on BSE. A combined 56,248 shares changed hands on the counter till noon deals on BSE and NSE.
The Mumbai-based real estate developer has fixed August 20, as record date for the proposed rights issue of the company.
The company would issue 8 shares for every 29 shares held by shareholders as on the record date. The issue price has been fixed at Rs 325 per share, which is almost 37% less than the current market rate.
Godrej Properties said it will raise up to Rs 700 crore by issuing 21.5 million shares to existing shareholders through rights issue.
The stock opened at Rs 465 and hit a high of Rs 521 on BSE. A combined 56,248 shares changed hands on the counter till noon deals on BSE and NSE.