Godrej Properties to tap market for Rs 3,000 cr

Through the initial share sale, Godrej Properties raised over Rs 462 crore initial share sale and the day of its listing debut closed at Rs 586.70.

Godrej Group chairman Adi Godrej said: “We plan to raise Rs 2,000-3,000-crore over the next two-three years to fund expansion plans.”  It is looking at various options to raise money, including the qualified institutional placement (QIP) route, he added.

Godrej said the promoters will dilute stake from the current 86 per cent held in the event of a QIP.  Moving ahead, it expects to become a major player in the affordable housing segment, by offering housing units in the range of Rs 25-30 lakh.

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