Godrej Industries today said it plans to raise up to Rs 405 crore through a rights issue to institutional players.
"Securities Issuance Committee of the Board of Directors of the company has by a resolution dated July 21, 2012, fixed the price band at Rs 210 to Rs 235 per equity share for the proposed issue," the Godrej Industries said in a filing to the BSE.
The company will issue up to 1,56,66,734 equity shares of Re 1 each with a right, besides an additional allotment of up to 15,66,673 equity shares in case of over subscription.
The proposed issue opens and closes on July 24, 2012, the filing said.
Meanwhile, shares of Godrej Industries were trading 4.23% down at Rs 235.60 apiece on the BSE during afternoon.
Last week, the company had said it would issue the shares to "qualified institutional buyers by way of an Institutional Placement Programme".
Godrej Industries' consolidated net profit had declined by 60.55% to Rs 43 crore for the fourth quarter ended March 31, 2012. It had posted a net profit of Rs 109 crore during the same period of previous fiscal.
Total income of the company had stood at Rs 1,479 crore for the fourth quarter in last fiscal as compared to Rs 1,431 crore during the same period of previous fiscal.
For the year ended March 31, 2012, the company had posted a net profit of Rs 292 crore as against Rs 293 crore in 2010-11 fiscal.
The company's total income in FY12 rose to Rs 5,804 crore from Rs 4,602 crore in FY11.
