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Private Sector | Multi State - India | PID: 203796
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Godrej Properties has raised Rs 6,000 crore through qualified institutional placement (QIP) route as it looks to expand business amid strong demand for residential plots and apartments. The issue also had a mix of leading international and domestic investors including GIC, Blackrock, Aberdeen, Norges Bank, SBI Pension, and ICICI Prudential Life Insurance.
Executive Chairperson, Godrej Properties, Pirojsha Godrej said, "We greatly appreciate the confidence and support of the investment ". This capital raise will allow Godrej Properties to significantly enhance its business development portfolio while maintaining a tremendously strong balance sheet. We remain focused on building scale through continued market share gains and margin expansion," he said.
The realty firm has added eight new land parcels in the first six months of this financial year with a total estimated saleable area of about 11 million sq. ft. and a total estimated booking value potential of around Rs 12,650 crore. To expand in the housing segment, Godrej Properties acquires land through outright purchases as well as forms partnerships with landowners as joint development.
The company is well positioned to deliver a third consecutive year of rapid growth in booking value with 90 percent growth in the sales bookings during the first half of this financial year.
Godrej Properties has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru. It has entered into Hyderabad market recently.
| Updated on: 21 - Dec - 2024
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