India's leading FMCG producers, Godrej Consumer Products Ltd. (GCPL), has announced that the company has fixed the rights issue price at Rs 123 per share to raise Rs 400 crore.

The issue will be in the ratio of 1:7 i.e. one equity share of the face value of Re 1 each for every 7 equity shares of the face value Re 1 each held on record date.

The company has fixed Mar. 19, 2008 as the record date for the purpose of rights issue of equity shares.

The company plans to utilize the proceeds for funding capital expenditure, repayment of debt, investing in a subsidiary Godrej Netherlands BV and its joint venture Godrej SCA Hygiene. It also plans to finance acquisitions and strategic initiatives through raised funds.

The company has registered 13.21% rise in net profit to Rs 41.47 crore for the quarter ended Dec. 31, 2007 as compared to Rs 36.63 crore for the corresponding quarter year ago.