Godrej Properties Raises Rs 6,000 Crore via QIP

New Delhi, Dec 2 (PTI) Godrej Properties has raised Rs 6,000 crore by selling shares to institutional investors on qualified institutional placement (QIP) basis as it looks to expand business amid strong demand for residential plots and apartments.

Last week, the company launched its QIP issue to raise up to Rs 6,000 crore.

In a regulatory filing on Monday, Godrej Properties informed that the board's QIP Placement Committee approved the closure of the issue on Monday.

The panel approved the issue price of Rs 2,595 per equity share, which is at a discount of Rs 132.44 (4.86 per cent of the floor price) to the floor price of Rs 2,727.44 per equity share.

The Committee also approved the allocation of 2,31,21,387 equity shares to be allotted to the eligible qualified institutional buyers.

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

Godrej Properties 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 sale bookings 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' sale bookings 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 forms 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.