Godrej Properties Raises Rs 6000 Crore for Expansion and Innovation

                Shares of Godrej Properties Ltd are in focus on Tuesday morning after the company said it has concluded its qualified institutional placement (QIP), raising a total of Rs 6,000 crore from 
five qualified institutional buyers.
Shares were issued to Franklin India ELSS Tax Saver Fund (20,84,584 shares or 9.01 per cent of total issue size), Government Pension Fund Global (15,41,425 shares or 6.66 per cent), 
BlackRock Emerging Markets Fund (14,53,233 shares or 6.28 per cent), Government of Singapore (14,07,618 shares or 6.08 per cent) and NPS Trust- A/C SBI Pension Fund Scheme - 
Central Govt (14,06,551 shares or 6.08 per cent).
The issue ran from November 27 to December 2. Godrej Properties shares settled at 2,905 on Monday, up 4.64 per cent. The stock is up 45 per cent in 2024 so far and 52 per cent in the 
past one year.
Godrej Properties said the QIP placement committee of its board has, at its meeting held today i.e. December 03, approved the issue and allotment of 2,31,21,387 equity shares to 
eligible qualified institutional buyers at an issue price of Rs 2,595 per equity share, which includes a discount of Rs 132.44 per equity share or 4.86 per cent over the floor price of Rs 
2,727.44, as determined in terms of the SEBI ICDR Regulations.
"Pursuant to the allotment of securities in the issue, the paid- up equity share capital of the company stands increased from Rs 139.03 crore, comprising of 27,80,62,112 equity shares to 
Rs 150.59 crore, comprising of 30,11,83,499 Equity shares," Godrej Properties said.


Source : Economic Times