Godrej Properties presents QIP to raise over Rs. 6,000 crore Funding

In order to raise up to Rs. 6,000 crore to finance its expansion ambitions, Godrej Properties started its qualified institutional placement (QIP) on November 27.

Godrej Properties stated in a regulatory filing that on November 27, 2024, the QIP Placement Committee approved the issue's opening.

The floor price of Rs. 2,727.44 per equity share for the QIP offering was also authorized by the panel.

Wednesday saw a 2.35 percent decrease in Godrej Properties' share price from Tuesday, closing at Rs. 2,833.05 a share.

The business is among the nation's top developers. Bengaluru, Pune, the Mumbai Metropolitan Region (MMR), and Delhi-NCR are its main locations. It recently joined the Hyderabad market.

The company's sales revenue increased by 84% to a record Rs. 22,527 crore in the most recent fiscal year, making it the largest among listed real estate companies in 2023–2024.

Godrej Properties has set a goal to book sales totaling Rs. 27,000 crore.

The sales booking value of Godrej Properties increased by 89% yearly to exceed Rs. 13,800 crore during the April–September period of this fiscal year. This marks Godrej Properties' highest-ever booking value for the first half of a fiscal year.

Godrej Properties purchases land outright and enters into joint development partnerships with landowners in order to grow its housing industry.

Recently, Godrej Properties announced the acquisition of 53-acre land in Joka, Kolkata.

The project is expected to offer around 1.3 million square feet of saleable space, it may be for residential plots, with an estimated revenue potential of Rs. 500 crore.

According to an investor’s presentation, the company's net debt was Rs. 7,432 crore at the end of the June quarter.