Godrej Properties Raised Rs 1,000 Crore Through Share Issue To GIC Entity
Godrej Properties is a realty developer that has now raised over Rs 1,000 crore through an issue of 12.76 million shares to an investor Gamnat Pte Ltd on preferential basis at Rs 783.50 per share. This was disclosed by the company in a regulatory filing.
The Gamnat Pte Ltd has acquired 5 per cent post-allotment stake in the developer at entity level. It is an investment firm that is managed by Singapore sovereign wealth fund GIC.
The executive chairman of Godrej properties has stated that the will be using the entire capital raised to fund their exciting growth opportunities across India’s leading real estate markets.
At present the Godrej Properties is developing residential, commercial and township projects. It is widely spread across around 151million sq ft in 12 cities.