Godrej Properties plans to raise Rs 3,750 crore via QIP for land parcel buy

Looks to raise Rs 3,750 crore; board has cleared proposal for fundraise

Godrej Properties (GPL), part of Godrej group, has plans to raise up to Rs 3,750 crore through a qualified institutional placement (QIP) of its shares to fund new land buys and pay its joint venture (JV) partners.

The GPL board has already cleared the proposal for the fund-raise. “It is an enabling resolution for equity raising. When it happens, it will be a QIP,” said Pirojsha Godrej, chairman of GPL.

The funds will be used to build its portfolio and pay JV partners upfront, said Godrej.

“Bigger organised developers have seen positive sales over the past four-five months. We have seen markets beginning