Shares of a prominent realty company surged 3 percent following its announcement to raise Rs.4,000 crore through a Qualified Institutional Placement (QIP). The company plans to sell 5.5 percent of its equity, offering shares at a floor price of Rs.2,727.44 per share. This move is part of its ongoing strategy to strengthen its financial position.
Share Price Movement
In Thursday’s trading session, the share price of Godrej Properties Limited reached an intra-day high of Rs.2,903.15 per share, rising 1.7 percent from its previous close of Rs.2,834.10 each. The shares have retreated now and are currently trading at Rs.2,799.30 apiece.
What is the news
Mumbai-based real estate developer, Godrej Properties, is planning a Qualified Institutional Placement (QIP) to sell up to 5.5 percent of its equity, which translates to about 1.54 crore shares, at an indicative price of Rs.2,595 per share. The company aims to raise up to Rs.4,000 crore through this offering. The price of Rs.2,595 per share reflects a 5 percent discount to the floor price of Rs.2,727.44 set in its previous fund-raising exercise.
Earlier, Godrej Properties officially launched its Rs.6,000 crore QIP, offering shares at a floor price of Rs.2,727.44 per share. The issue was approved by the company’s Board and shareholders through a special resolution in October 2024. The company may offer a discount of up to 5 percent on the floor price during the QIP.
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Domestic and International Presence
Godrej Properties Limited (GPL) is a leading real estate developer in India, operating in 12 major cities, including Mumbai, Pune, and Bengaluru, with a focus on residential and commercial projects.
The company has approximately 92 active projects covering around 200 million square feet. Internationally, GPL has established offices in Dubai and Singapore to engage with the Indian diaspora and potential investors.
Financials
Turning towards the financials of the company, Godrej Properties reported Q2 FY25 revenue of Rs.1,093 crore, rising 218 percent from Rs.343 crore in Q2 FY24. Profit After Tax (PAT) increased substantially by 357 percent to Rs.334 crore, compared to Rs.73 crore in the same period.
Company Profile
Godrej Properties Ltd, a subsidiary of Godrej Industries Ltd, is a real estate company engaged in developing residential, plotted, and mixed-use properties, with a strong emphasis on innovation, sustainability, and design.
Written by – Siddesh S Raskar
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