Godrej Properties Ltd (GPL), on March 16, 2021, announced that it had raised Rs 3,750 crores through the QIP (qualified institutional placement) route. The company said that it saw a strong mix of investors, with nearly 90% of the book being allocated to long-only investors.
GPL’s largest existing external shareholder, GIC, backed the QIP with an investment of USD 110 million, while the largest investor in the QIP was a new investor, Invesco Developing Markets Fund and certain other funds managed by Invesco Advisers, Inc that invested USD 150 million.
GPL said that it had identified several growth opportunities and intended to use the net proceeds received from this issue, for augmenting long-term capability building and scaling the business rapidly in the years to come.
Pirojsha Godrej, executive chairman, Godrej Properties said, “We are happy to have successfully concluded our QIP process. This capital will play an important role in supporting our growth aspirations and will provide us significant opportunities, to rapidly scale in the years ahead. We appreciate the ongoing confidence and support of the investment community.”