Godrej Properties Raises INR 3750 Cr through QIP

Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has raised INR 3750 crore through the QIP route. The company saw a strong mix of investors with

BY Realty Plus
Published - Thursday, 18 Mar, 2021

Godrej Properties Raises INR 3750 Cr through QIP

Godrej Properties Ltd. (GPL) (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced that it has raised INR 3750 crore through the QIP route. The company saw a strong mix of investors with nearly 90% of the book being allocated to long only investors. GPL’s largest existing external shareholder, GIC, strongly backed the QIP with an investment of USD 110 million while the largest investor in the QIP was a new investor, Invesco Developing Markets Fund and certain other funds managed by Invesco Advisers, Inc., that is investing USD 150 million. GPL has identified several growth opportunities and intends to use the net proceeds received from this issue for augmenting long term capability building and scaling the business rapidly in the years to come. Pirojsha Godrej, Executive Chairman, Godrej Properties said, “We are happy to have successfully concluded our QIP process. This capital will play an important role in supporting our growth aspirations and will provide us significant opportunities to rapidly scale in the years ahead. We appreciate the ongoing confidence and support of the investment community.”