Real estate major Godrej Properties seeks Rs 6,000 crore through QIP

Godrej Properties Limited (GPL), the Mumbai-based real estate major owned by the Adi Godrej family, will raise Rs 6,000 crore through a qualified institutional placement (QIP) of shares.

 

As per Bloomberg, the indicative issue size is about 23.1 million shares, which would be issued at an indicative offer price of Rs 2,595 per equity share. The dilution of pre-issue outstanding equity share capital would be about 8.3 per cent. The lock-up period for the shares is 30 days.

 

The transaction was launched on November 27, and the listing and trading of the shares is estimated to commence on or around December 6.

 

 

The company aims to utilise the net proceeds of the issue for the acquisition of land and land development rights, as well as general corporate purposes. As per the transaction-related documents, the company said: “We intend to continue to acquire strategically located parcels of land at competitive prices and developing properties in the National Capital Region (NCR), the Mumbai Metropolitan Region (MMR), Bengaluru, and Pune as our growth-focus geographies.”

 

Moreover, in 2024 so far, the company has been aggressive in acquiring land parcels across India, having bought over 262 acres of land across Kolkata, Gurugram, Ahmedabad, MMR, Khalapur, Greater Noida, Indore, Bengaluru, Hyderabad, and Noida. The estimated revenue potential of these land parcels is over Rs 29,000 crore, according to the company’s relevant stock exchange filings.

 

Earlier, the company reported its highest-ever second-quarter (Q2) booking value. Its bookings for the second quarter of financial year 2025 (Q2 FY25) grew 3 per cent year-on-year (Y-o-Y) to Rs 5,198 crore from the sale of over 5.1 million square feet of space. Overall, in FY25, the company is expected to launch projects with an estimated launch value of Rs 30,000 crore.

 

On Friday, GPL’s shares listed on the Bombay Stock Exchange (BSE) closed at Rs 2,777.45. Its total market capitalisation stands at around Rs 77,230.36 crore.