Godrej Properties Raises Rs 6,000 Cr via QIP for Growth

New Delhi, Nov 27 (PTI) Godrej Properties on Wednesday launched its qualified institutional placement (QIP) to sell equity shares to investors for raising up to Rs 6,000 crore to fund its growth plan.

Last month, the company's board approved raising of up to Rs 6,000 crore through the issue of securities.

In a regulatory filing, Godrej Properties informed that the QIP Placement Committee authorized the opening of the issue on November 27, 2024.

The panel also approved the floor price for the QIP issue, being Rs 2,727.44 per equity share.

Godrej Properties' share price closed at Rs 2,833.05 apiece on Wednesday, down 2.35 per cent from Tuesday.

The company is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It has entered into Hyderabad market recently.

In the last fiscal, the company's sales booking jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24.

Godrej Properties has set a target of achieving Rs 27,000 crore worth of sale bookings.

During the April-September period of this fiscal, Godrej Properties' sales booking value grew 89 per cent annually to over Rs 13,800 crore. This is the highest-ever booking value achieved by Godrej Properties during the first half of a fiscal year.

To expand its housing business, Godrej Properties acquires land through outright purchases as well as forming partnerships with landowners for joint development.

Godrej Properties has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and a total estimated booking value potential of around Rs 12,650 crore.