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In a regulatory filing, Godrej Properties has informed that the QIP Placement Committee has given permission to open the issue on November 27, 2024.
Shares of Godrej Properties closed at Rs 2,833.05 on Wednesday, down 2.35 percent from Tuesday.
Godrej Properties on Wednesday launched its Qualified Institutional Placement (QIP) to sell equity stakes to investors to raise up to Rs 6,000 crore to fund its growth plans. Last month, the company’s board had approved raising up to Rs 6,000 crore through an issue of securities.
In a regulatory filing, Godrej Properties said the QIP Placement Committee has given permission to open the issue on November 27, 2024.
The panel also approved the floor price for the QIP issue, which is Rs 2,727.44 per equity share.
Shares of Godrej Properties closed at Rs 2,833.05 on Wednesday, down 2.35 percent from Tuesday.
The company is one of the leading developers in the country. It has a large presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It has recently entered the Hyderabad market.
In the last financial year, the company’s sales bookings grew 84 per cent to Rs 22,527 crore, the highest among listed realty firms in 2023-24.
Godrej Properties has set a target of achieving sales bookings of Rs 27,000 crore.
During the April-September period this fiscal, Godrej Properties’ sale booking value grew 89 percent year-on-year to Rs 13,800 crore. This is the highest booking price ever achieved by Godrej Properties during the first half of a financial year.
To expand its housing business, Godrej Properties acquires land through outright purchase as well as partnering with landlords for joint development.
Godrej Properties has added 8 new land parcels in the first six months of this financial year with a total estimated salable area of around 11 million square feet and a total estimated booking value of around Rs 12,650 crore.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed. PTI)