Godrej Properties raises Rs 60 Bn through QIP
04 Dec 2024
2 Min Read
CW Team
Godrej Properties was reported to have raised ?60 billion by issuing shares to institutional investors through a qualified institutional placement (QIP), as the company sought to expand its business amid robust demand for residential plots and apartments. The QIP issue, launched last week, aimed to secure up to Rs 60 billion.
In a regulatory filing on Monday, Godrej Properties disclosed that the QIP Placement Committee of its board had approved the issue鈥檚 closure. The committee was said to have set the issue price at Rs 2,595 per equity share, reflecting a discount of Rs 132.44 (or 4.86%) against the floor price of Rs 2,727.44 per equity share. Additionally, the allocation of 23,121,387 equity shares to eligible qualified institutional buyers was reportedly approved.
The board of Godrej Properties had previously sanctioned raising up to ?60 billion through securities issuance. Recognised as one of India鈥檚 leading real estate developers, the company is reported to have a strong presence in Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, alongside a recent entry into the Hyderabad market.
The company reportedly achieved record-breaking success in the last fiscal year, with sales bookings rising by 84% to Rs 225.27 billion 鈥� the highest among listed real estate firms in 2023-24. For the current fiscal year, Godrej Properties has set a target of Rs 270 billion in sale bookings.
During the April-September period, it was noted that the company鈥檚 sales bookings value increased by 89% year-on-year to over Rs 138 billion, marking the highest-ever booking value for the first half of a fiscal year. To support its housing business expansion, Godrej Properties was said to acquire land through outright purchases and form joint development partnerships with landowners.
Reports further indicated that the company had added eight new land parcels in the first half of the fiscal year, representing a total estimated saleable area of around 11 million square feet and a projected booking value potential of approximately Rs 126 billion.
Godrej Properties was reported to have raised ?60 billion by issuing shares to institutional investors through a qualified institutional placement (QIP), as the company sought to expand its business amid robust demand for residential plots and apartments. The QIP issue, launched last week, aimed to secure up to Rs 60 billion.
In a regulatory filing on Monday, Godrej Properties disclosed that the QIP Placement Committee of its board had approved the issue鈥檚 closure. The committee was said to have set the issue price at Rs 2,595 per equity share, reflecting a discount of Rs 132.44 (or 4.86%) against the floor price of Rs 2,727.44 per equity share. Additionally, the allocation of 23,121,387 equity shares to eligible qualified institutional buyers was reportedly approved.
The board of Godrej Properties had previously sanctioned raising up to ?60 billion through securities issuance. Recognised as one of India鈥檚 leading real estate developers, the company is reported to have a strong presence in Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, alongside a recent entry into the Hyderabad market.
The company reportedly achieved record-breaking success in the last fiscal year, with sales bookings rising by 84% to Rs 225.27 billion 鈥� the highest among listed real estate firms in 2023-24. For the current fiscal year, Godrej Properties has set a target of Rs 270 billion in sale bookings.
During the April-September period, it was noted that the company鈥檚 sales bookings value increased by 89% year-on-year to over Rs 138 billion, marking the highest-ever booking value for the first half of a fiscal year. To support its housing business expansion, Godrej Properties was said to acquire land through outright purchases and form joint development partnerships with landowners.
Reports further indicated that the company had added eight new land parcels in the first half of the fiscal year, representing a total estimated saleable area of around 11 million square feet and a projected booking value potential of approximately Rs 126 billion.
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
