Godrej Properties Launches QIP At Rs 1,513 Apiece
A bird flies past the Planet Godrej residential building, developed by Godrej Properties Ltd., in the Byculla area of Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Godrej Properties Launches QIP At Rs 1,513 Apiece

Godrej Properties Ltd. has launched a qualified institutional placement to raise to raise funds.

The company fixed a floor price of Rs 1,513.39 apiece to issue equity shares of face value of Rs 5 each, according to its filing. It's a premium of 3.44% to Tuesday's closing price.

The real estate developer is selling as many as 2.61 crore (26.1 million) shares through the QIP, Bloomberg reported citing terms of the deal.

The company will determine the issue price in consultation with the book running lead managers—BofA Securities, Kotak Mahindra, Axis Capital and Jefferies—appointed for the QIP. The proceeds will be used for investments, capital expenditure, working capital requirements, repayment of debt and general corporate purposes.

While announcing its third-quarter earnings in February, the real estate developer had approved raising funds worth Rs 3,750 crore in one or more tranches.

Shares of Godrej Properties closed 1.4% on Tuesday, falling for the third straight day, compared to a 0.95% rise in the Nifty 50 index.

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