Godrej Properties has raised Rs 6000 crore through Qualified Institutional Placement (QIP). The demand for the QIP issue was4 times the size.After the QIP the GPL’s net worth has increased by more than 50 per cent, meanwhile the equity diluted by 7.68 per cent. GPL’s gearing ratio will come down to below 0.2:1 from 0.7:1.
Jeffries, Morgan Stanley, Bank of America, and Kotak were the bankers for the QIP. The International and domestic investors include GIC, Blackrock, Aberdeen, Norges Bank, SBI Pension, and ICICI Prudential life insurance.
Commenting on the fund raising, Pirojsha Godrej, Executive Chairperson, Godrej Properties, said, “We are delighted with the response to our QIP process. GILCORP-Public Godrej Properties has reset its scale in recent years with bookings growth of 56% in FY 23 and 84 per cent in FY 24.”
GPL has achieved growth, with 56 per cent booking Increase in FY23, 84 per cent in FY24, and 90 per cent in H1 FY25, Set to cross FY24 Booking value Guidance of 27K crore.
The money raised from the QIP issue is aimed to enhance its business development portfolio while maintaining a strong balance sheet. The company is focused on building scale through continued market share gains and margin expansion.GPL has 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
This capital raise will allow GPL to significantly enhance its business development portfolio while maintaining a tremendously strong balance sheet.