Godrej Properties Limited has initiated a Qualified Institutional Placement (QIP) to raise capital by issuing equity shares with a face value of ₹5 each. The company’s board, in its October 1, 2024 meeting, approved the QIP, followed by a special resolution by shareholders on October 31, 2024. On November 27, 2024, the QIP Placement Committee officially authorized the opening of the issue.
The floor price for the QIP has been set at ₹2,727.44 per share, determined as per SEBI’s pricing formula. The company retains the right to offer a discount of up to 5% on this floor price. The final issue price will be decided in consultation with the book running lead manager.
The move underscores Godrej Properties’ strategy to strengthen its capital base. The filing of the preliminary placement document with both BSE and NSE was also completed on the same day.
