Mumbai-based real estate developer Godrej Properties Ltd announced on Monday (December 2) that it has successfully raised ₹6,000 crore through a Qualified Institutional Placement (QIP) at ₹2,595 per share.
Real EstateGodrej PropertiesQipFundraisingMumbaiReal Estate MumbaiDec 02, 2024
A Qualified Institutional Placement (QIP) is a financial instrument through which listed companies in India can issue equity shares or convertible securities to institutional investors. It is a quick and effective way for companies to raise capital without the need for a detailed prospectus.
Godrej Properties raised ₹6,000 crore through the QIP.
The funds raised through the QIP will be used to fund ongoing and new projects, reduce debt, and strengthen the company's balance sheet.
The QIP was subscribed by a diverse range of institutional investors, including domestic and foreign institutional investors, mutual funds, insurance companies, and high-net-worth individuals.
The successful completion of the QIP is a significant achievement for Godrej Properties, demonstrating its financial strength and commitment to long-term growth. It provides the company with the necessary capital to accelerate project development and execution.
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