Godrej Properties on Nov. 27 launched its qualified institutional placement (QIP) to raise up to ₹6,000 crore through the sale of equity shares. The move is part of the company’s plan to fund its growth initiatives.
As published by Hindustan Times, Godrej Properties’ board approved the decision to raise up to ₹6,000 crore through securities issuance last month. In a regulatory filing, the company revealed that its QIP Placement Committee authorized the opening of the issue on Nov. 27, 2024. The floor price for the QIP was set at ₹2,727.44 per equity share.
Godrej Properties’ share price closed at ₹2,833.05 per share on Wednesday, marking a decline of 2.35% compared to Tuesday’s closing.
A prominent player in the Indian real estate sector, Godrej Properties has a major presence in key markets such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. The company has also recently expanded into the Hyderabad market.
In the last fiscal year, Godrej Properties achieved a record 84% increase in sales bookings, reaching ₹22,527 crore, the highest among listed real estate firms for 2023-24. The company has set a target of ₹27,000 crore in sales bookings for the current fiscal year.
For the first half of this fiscal year (April-September), Godrej Properties reported an 89% year-on-year growth in sales bookings, reaching over ₹13,800 crore. This marks the highest-ever booking value achieved by the company during the first half of a fiscal year.
As part of its expansion strategy, Godrej Properties acquires land through both outright purchases and joint development agreements with landowners. In the first six months of this fiscal year, the company added eight new land parcels, with a total estimated saleable area of approximately 11 million square feet. The total estimated booking value potential of these land parcels is around ₹12,650 crore.