Godrej Properties (GPL) has raised Rs 6,000 crore through the Qualified institutional placements (QIP) route. The issue saw a strong demand of around 4X the size of the QIP and was fully covered with long only demand. The issue also had a healthy mix of leading international and domestic investors including GIC, Blackrock, Aberdeen, Norges Bank, SBI Pension, and ICICI Prudential life Insurance.
GPL intends to use the net proceeds received from this issue to build a project pipeline that allows it to scale the business rapidly in the years ahead. GPL has already surpassed its business development guidance for FY25 of Rs 20,000 crores of estimated booking value in the first 7 months of the year and continues to have strong visibility for rest of the year.
Godrej Properties was the largest real estate developer in India by bookings in FY25 and the fastest growing large business in India across sectors in FY24 with sales growth of 84%. Jeffries, Morgan Stanley, Bank of America, and Kotak were the bankers for the QIP.
| Company Name | CMP |
|---|---|
| Lodha Developers | 886.05 |
| Dilip Buildcon | 453.45 |
| DLF | 609.70 |
| Oberoi Realty | 1742.10 |
| Ahluwalia Contract(I | 881.40 |
| View more.. | |
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