Godrej Properties Shares in Focus After Launch of ₹6,000 Crore QIP

On Wednesday, Godrej Properties initiated its Qualified Institutional Placement (QIP) offering to raise up to ₹6,000 crore. The funds will be utilized to support the company’s expansion and growth plans. Last month, Godrej Properties’ board of directors approved the proposal to raise up to Rs 6,000 crore through the issuance of securities, marking a strategic step toward financing its future growth.

QIP Issue Details

In a regulatory filing, the company revealed that the QIP Placement Committee authorized the opening of the issue on November 27, 2024. The committee also set the floor price for the QIP at ₹2,727.44 per equity share.

Acquisition of Land Parcel in Kolkata

Along with the QIP launch, Godrej Properties announced the acquisition of a 53-acre land parcel in Joka, Kolkata. The proposed project is expected to develop approximately 1.3 million square feet of saleable area, mainly focused on residential plotted development. The estimated revenue potential from this project is around ₹500 crore. As one of India’s top real estate developers, Godrej Properties has a strong footprint in key regions such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, and more recently, Hyderabad. The company is actively expanding its presence in major urban centres.

Strong Growth in Sales Bookings

In its latest financial performance update, Godrej Properties reported a significant 89% year-on-year growth in sales bookings from April to September this fiscal year. The company achieved a total of ₹13,800 crore in sales bookings, marking the highest-ever value for the first half of any fiscal year.

On November 28, 2024, Godrej Properties shares opened at ₹2,820.00 and touched the day high of ₹2,901.05 at 10:00 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.