Godrej Properties Sets New Financial Heights with Rs 6,000 Crore QIP Initiative

Godrej Properties launched a QIP to raise Rs 6,000 crore for expansion. The company targets a sales booking of Rs 27,000 crore after achieving Rs 22,527 crore last fiscal. Sales grew 89% to over Rs 13,800 crore from April to September. It's expanding via new land acquisitions.

In a bold move to bolster its growth trajectory, Godrej Properties announced the launch of a qualified institutional placement (QIP) to amass Rs 6,000 crore by selling equity shares. The company's board had sanctioned this decision last month, marking a significant step in its ambitious expansion plans.

The QIP issue was officially opened on November 27, 2024, as confirmed in Godrej Properties' regulatory filing. The QIP Placement Committee set the floor price at Rs 2,727.44 per equity share, while the shares closed at Rs 2,833.05 on Wednesday, noting a minor dip from the previous day.

Establishing a strong presence in metropolitan areas, including Delhi-NCR and MMR, Godrej Properties witnessed an unparalleled rise in sales bookings last fiscal, up by 84% to Rs 22,527 crore. The firm aims for Rs 27,000 crore worth of bookings, bolstered by strategic land acquisition and partnerships.

(With inputs from agencies.)