Godrej Properties raises Rs 3,750 crore via QIP issue.

The QIP issue opened on 9 March 2021 and closed on 15 March 2021.

The QIP issue committee of board of directors of the company approved allotment of 2,58,62,068 equity shares to eligible qualified institutional buyers at the issue price of Rs 1,450 per equity share, against the floor price of Rs 1,513.39 per equity share, aggregating to Rs 37,49,99,98,600.

Allottees who were issued more than 5% of the total equity shares offered in the QIP are Invesco Oppenheimer Developing Markets Fund (24.87%), Government Of Singapore (13.05%), Monetary Authority Of Singapore (8.34%), Goldman Sachs Funds - Goldman Sachs Emerging Markets Equity Portfolio (6.7%), Universities Superannuation Scheme (5.84%) and Baron Emerging Markets Fund (5.14%).

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 126,04,04,915 consisting of 25,20,80,983 equity shares to Rs 138,97,15,255 consisting of 27,79,43,051 equity shares.

The company intends to use QIP proceeds to meet the funding requirements for existing and new development projects, to fund business growth, business purposes, capital expenditure and general corporate purposes as per growth- and business-related plans. The company said it also requires funding for servicing, repaying, prepaying and refinancing of loans to reduce cost of indebtedness.

Godrej Properties is engaged in construction and real estate development. The company's consolidated net profit tumbled 69.3% to Rs 14.35 crore on a 55.5% fall in net sales to Rs 170.49 crore in Q3 FY21 over Q3 FY20.

Shares of Godrej Properties were trading 0.1% lower at Rs 1428 on BSE.

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