Godrej Properties raises Rs 3,750 crore through QIP

Godrej Properties said on Tuesday it has raised Rs 3,750 crore through the qualified institutional placement (QIP) route.

The company saw a strong mix of investors with nearly 90 per cent of the book being allocated to long-term only investors.

The company's largest existing external shareholder GIC strongly backed the QIP with an investment of 110 million dollars (about Rs 800 crore).

However, the largest investor in the QIP was Invesco Developing Markets Fund and certain other funds managed by Invesco Advisers Inc which are investing 150 million dollars (about Rs 1,090 crore).

Godrej Properties has identified several growth opportunities and intends to use net proceeds received from the issue for augmenting long-term capability building and scaling the business in the years to come.

"This capital will play an important role in supporting our growth aspirations and provide us significant opportunities to rapidly scale in the years ahead," said Executive Chairman Pirojsha Godrej.

The company reported a total booking value of Rs 4,093 crore and total booking volume of 6.64 million square feet in 9M FY21 period, representing a growth of 16 per cent in booking value and 28 per cent in booking volume.

( With inputs from ANI )