Godrej Properties upsizes share sale to raise $90 million

Godrej Properties, an Indian property developer, announced yesterday that it was able to raise Rs4.71 billion $90 million from its follow-on share sale. The price was fixed at the bottom of the range, but the offering was oversubscribed, which enabled the company to exercise the upsize option in full.

The deal took place last Thursday March 22 and was the first to be completed under a new mechanism referred to as an institutional placement programme IPP, which is similar to the offer for sale OFS auction that was used to sell shares sales in Oil and Natural Gas Corp in February and software provider Wipro earlier this month....