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Godrej Properties Raises Rs 3,750 Cr Via QIP Issue

The company's sales bookings rose 25 per cent to Rs 1,488 crore in the third quarter of this fiscal year.

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Realty firm Godrej  Properties on Tuesday said it has raised Rs 3,750 crore through sale of shares to institutional investors.

Last week, the company launched its qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore.

'The QIP committee of the board of directors of the company approved the issue and allotment of 2,58,62,068 equity shares of face value Rs 5 each to eligible qualified institutional buyers at the issue price of Rs 1,450, against the floor price of Rs 1,513.39 per share, aggregating to Rs 37,49,99,98,600,' according to a regulatory filing.

The issue opened on March 9, 2021 and closed on March 15, 2021.

Invesco Oppenheimer Developing Markets Fund, Government of Singapore, Monetary Authority Of Singapore, Goldman Sachs Funds - Goldman Sachs Emerging Markets Equity Portfolio and Universities Superannuation Scheme Ltd (USSL) As Trustee Of Universities SUP and Baron Emerging Markets Fund are major investors who participated in the QIP.

Last month, the board approved raising of up to Rs 3,750 crore.

'We have taken an enabling resolution. We will see now in next few weeks and months whether to actually do anything on it. If we choose to do that, rationale would be to acquire projects at attractive valuations,' Godrej Properties Chairman Pirojsha Godrej had told PTI in an interview last month.

According to an investor presentation, the company's sales bookings rose 25 per cent to Rs 1,488 crore in the third quarter of this fiscal year.

In the first nine months of 2020-21 fiscal, sales bookings were up 16 per cent at Rs 4,093 crore.

During the full 2019-20 fiscal year, the company posted record sales bookings of Rs 5,915 crore, highest among listed realty firms.

(PTI)