Godrej Properties Raises Rs 6,000 Crore to Turbocharge Real Estate Ambitions

Godrej Properties Ltd raised Rs 6,000 crore through a QIP, attracting significant interest from institutional investors. The funds will enhance business expansion amid robust demand for residential plots and apartments. With its net worth increased and gearing ratio improved, the company is poised for continued growth.

In a strategic financial maneuver, Godrej Properties Ltd has successfully raised Rs 6,000 crore by capitalizing on strong institutional investor interest. The funds were garnered through a highly anticipated Qualified Institutional Placement (QIP), aimed at bolstering the company's business expansion in response to high demand in the real estate sector.

The QIP issue, launched on November 27th, saw Godrej Properties dilute nearly 8% of its equity at Rs 2,595 per share, representing a slight discount from the floor price. Notable investors, including Singapore's GIC, SBI Pension, and others, participated eagerly, showcasing the offering's robustness with a demand nearly four times its size.

The capital infusion significantly boosts Godrej Properties' net worth by over 50% and reduces its gearing ratio. According to Executive Chairperson Pirojsha Godrej, the raised capital will fortify the company's balance sheet and business development strategies, sustaining its momentum of rapid growth and market expansion.

(With inputs from agencies.)