Godrej Properties raises Rs 3,750 cr via QIP to expand business, buy land

Company has built a portfolio of 50 million sq ft in 30 months and plans 12 projects in the fourth quarter.

Mumbai-based real estate developer Godrej Properties said on Monday that it raised Rs 3,750 crore through a qualified institutional placement (QIP) of shares. The company claimed that this is the largest QIP by a real estate firm in the country.
 
The QIP was launched on March 9 and closed on March 15. Godrej Properties raised the money at Rs 1,450 per share through the QIP.
 
The company said it saw a strong mix of funding with nearly 90 per cent of the book being allocated to “long-only” investors.
 
Singapore’s GIC made an investment of $110 million while