In a regulatory filing on Monday, Godrej Properties disclosed that the QIP Placement Committee of its board had approved the issue’s closure. The committee was said to have set the issue price at Rs 2,595 per equity share, reflecting a discount of Rs 132.44 (or 4.86%) against the floor price of Rs 2,727.44 per equity share. Additionally, the allocation of 23,121,387 equity shares to eligible qualified institutional buyers was reportedly approved.

The board of Godrej Properties had previously sanctioned raising up to ?60 billion through securities issuance. Recognised as one of India’s leading real estate developers, the company is reported to have a strong presence in Delhi-NCR, the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, alongside a recent entry into the Hyderabad market.

The company reportedly achieved record-breaking success in the last fiscal year, with sales bookings rising by 84% to Rs 225.27 billion — the highest among listed real estate firms in 2023-24. For the current fiscal year, Godrej Properties has set a target of Rs 270 billion in sale bookings.

During the April-September period, it was noted that the company’s sales bookings value increased by 89% year-on-year to over Rs 138 billion, marking the highest-ever booking value for the first half of a fiscal year. To support its housing business expansion, Godrej Properties was said to acquire land through outright purchases and form joint development partnerships with landowners.

Reports further indicated that the company had added eight new land parcels in the first half of the fiscal year, representing a total estimated saleable area of around 11 million square feet and a projected booking value potential of approximately Rs 126 billion.