Godrej Properties raises QIP size to Rs 6,000 crore from Rs 4,000 crore

Godrej Properties raises QIP size to Rs 6,000 crore from Rs 4,000 crore

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Godrej Properties has raised the qualified institutional placement (QIP) size to Rs 6,000 crore. The company had earlier announced its QIP to sell equity shares to investors for raising up to Rs 4,000 crore to fund its growth plan.

In a regulatory filing, Godrej Properties informed that the QIP Placement Committee authorized the opening of the issue on November 27, 2024.

Last month, Godrej Properties' board has approved a proposal to raise up to Rs 6,000 crore in fresh funds through a variety of instruments, as part of its broader capital-raising strategy.

In November 28 trade, the shares of the company were trading in green at Rs 2,839.65 per share on the NSE, up marginally by 0.20 percent.

Godrej Properties, a leading real estate developer in India, has established a strong foothold in major markets, including Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company recently expanded its operations into Hyderabad.

In the 2023-24 financial year, the company achieved an 84 percent surge in sales bookings, reaching a record Rs 22,527 crore — the highest among listed real estate firms during the period.

Looking ahead, Godrej Properties has set an ambitious target of Rs 27,000 crore in sales bookings.

For the first half of the current fiscal year (April-September), the company recorded sales bookings of over Rs 13,800 crore, marking an impressive 89 per cent annual growth. This figure represents the highest-ever booking value for the company in the first six months of a financial year.

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