The executive chairman highlighted that the company in March raised Rs 3,750 crore through Qualified Institutional Placement (QIP) process.
With the stake buy in Godrej Properties, Godrej Industries' stake in the company will rise to 47.29 per cent.
Godrej Properties becomes country's largest listed real estate developer in terms of sales bookings during the last fiscal year as it clocked a record pre-sales of Rs 6,725 crore despite pandemic.
Godrej Properties has witnessed an Inverted Head & Shoulder pattern breakout on daily chart post taking support near its long-term EMA, indicating bullish sentiment in the counter
The project has long-term lease rights of up to 99 years for residential or mixed use and 60 years for non-residential formats.
Together they sold 21.23 mn sq ft area during first three quarters of FY21 (April-December 2020) despite the first wave of Covid-19, up 2% two over the year-ago period
Godrej Properties expects its sales booking this fiscal to surpass the last year's record Rs 6,725 crore despite the outbreak of second wave of Covid-19
Margin trajectory and valuations to limit upsides
Company plans to scale up business after second quarter
Sales bookings grew by 14 per cent
The company said it recorded the highest ever quarterly collection of Rs 2,041 crore
Tata Motors DVR, Intellect Design and SKF India are among the stocks that may be added to the MSCI SmallCap index
The Godrej Housing project is located in Sector 43, Noida
The stock of Mumbai-based real estate developer was quoting lower for the sixth straight trading day
Company has built a portfolio of 50 million sq ft in 30 months and plans 12 projects in the fourth quarter.
Realty firm Godrej Properties on Tuesday said it has raised Rs 3,750 crore through sale of shares to institutional investors.
The stock of Godrej Properties trimmed most of its early gains and closed on a mixed note on Wednesday.
Among sectoral indices, the Nifty Metal index remained the star performer today, closing 1.8 per cent higher, followed closely by the Nifty IT index (up 1.6 per cent).
AU Small Fin Bank launched its QIP on March 9 and fixed the floor price at Rs 1,181.06 per share
Godrej Properties had sought shareholders' approval through a postal ballot