Godrej Properties shares rise over 2% as company raises ₹6,000 crore via QIP

Last week, the company launched its QIP issue to raise up to ₹6,000 crore.

In a regulatory filing on Monday, Godrej Properties informed that the board's QIP Placement Committee approved the closure of the issue on Monday.

The panel approved the issue price of ₹2,595 per equity share, which is at a discount of ₹132.44 (4.86% of the floor price) to the floor price of ₹2,727.44 per equity share.

The committee also approved the allocation of 2,31,21,387 equity shares to be allotted to eligible qualified institutional buyers.

Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. It has entered the Hyderabad market recently.

Godrej Properties Q2 FY25 Results

The realty firm reported a five-fold jump in its consolidated net profit to ₹335.21 crore for the quarter ended September 30, 2024 (Q2 FY25) on higher income.

Its net profit stood at ₹66.80 crore in the year-ago period.

Total income more than doubled to ₹1,346.54 crore in the second quarter of this fiscal year from ₹605.11 crore in the corresponding period of the previous year, according to a regulatory filing.

In November, Godrej Properties said its net debt rose 2% during the September quarter to ₹7,572 crore, with the company focusing on land acquisition for future growth.

Its net debt stood at ₹7,432 crore at the end of the June quarter, according to an investors' presentation.

Godrej Properties has been actively purchasing land and also partnering with landowners to create a pipeline for future development of projects.

During the last fiscal year, the company's sales bookings jumped 84% to a record ₹22,527 crore, the highest among listed realty firms in 2023-24.

It has set a target of ₹27,500 crore worth of sales bookings for the current financial year.