Godrej Properties raises Rs 3,750 crore by way of QIP situation.

The QIP situation opened on 9 March 2021 and closed on 15 March 2021.

The QIP situation committee of board of administrators of the corporate permitted allotment of two,58,62,068 fairness shares to eligible certified institutional consumers on the situation worth of Rs 1,450 per fairness share, in opposition to the ground worth of Rs 1,513.39 per fairness share, aggregating to Rs 37,49,99,98,600.

Allottees who have been issued greater than 5% of the entire fairness shares provided within the QIP are Invesco Oppenheimer Creating Markets Fund (24.87%), Authorities Of Singapore (13.05%), Financial Authority Of Singapore (8.34%), Goldman Sachs Funds – Goldman Sachs Rising Markets Fairness Portfolio (6.7%), Universities Superannuation Scheme (5.84%) and Baron Rising Markets Fund (5.14%).

Pursuant to the allotment of fairness shares within the situation, the paid-up fairness share capital of the corporate stands elevated from Rs 126,04,04,915 consisting of 25,20,80,983 fairness shares to Rs 138,97,15,255 consisting of 27,79,43,051 fairness shares.

The corporate intends to make use of QIP proceeds to satisfy the funding necessities for present and new growth tasks, to fund enterprise progress, enterprise functions, capital expenditure and common company functions as per growth- and business-related plans. The corporate mentioned it additionally requires funding for servicing, repaying, prepaying and refinancing of loans to cut back price of indebtedness.

Godrej Properties is engaged in building and actual property growth. The corporate’s consolidated web revenue tumbled 69.3% to Rs 14.35 crore on a 55.5% fall in web gross sales to Rs 170.49 crore in Q3 FY21 over Q3 FY20.

Shares of Godrej Properties have been buying and selling 0.1% decrease at Rs 1428 on BSE.

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(This story has not been edited by Enterprise Commonplace employees and is auto-generated from a syndicated feed.)

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