Godrej Properties Ltd. - the real estate arm of India's Godrej Group - will launch an initial public offering in the next two to three months, the group's chairman said Friday.
"We have already received regulatory approval from the Securities and Exchange Board of India," Adi Godrej told reporters on the sidelines of an industry conference.
He said that the company will issue new shares equal to 10% of the company to the public, and 3.5% new shares in a pre-IPO placement.
Adi Godrej said also that the company is considering more projects in the affordable housing segment, and that it already has such projects in the cities of Ahmedabad and Kolkata, and in some Mumbai suburbs.
The group presently holds 80% in Godrej Properties, he added.
