The size of the QIP has now been increased to ₹6,000 crore, from ₹4,000 crore earlier.
The indicative open offer price was set at ₹2,595 apiece, a 8.5% discount to Wednesday’s closing price of ₹2,834.1 per share.
The books for the offer closed at 9 am on Thursday, November 28.
On Wednesday, CNBC-TV18 had reported, citing sources that Godrej Properties was looking at launching a QIP to sell up to 5.5% of its equity at an indicative price of ₹2,595 per share.
Godrej Properties intends to raise these funds through the issue equity shares, fully convertible debentures, partly convertible debentures, non-convertible debentures, preference shares convertible into equity shares, eligible securities or through any other method permissible.
The funds could be raised by the company in one or more tranches through public or private offerings including a Qualified Institutional Placement (QIP), rights issue, a Further Public Offer (FPO) or any other method under applicable law.
At the end of the June quarter, Godrej Properties had reported a net debt of ₹7,432 crore, which is higher than the ₹6,198 crore figure at the end of the March quarter and ₹5,298 crore at the end of the June quarter last year.
Godrej Properties shares were trading 1.72% higher at ₹2,882.75 apiece at 9.35 am on Thursday, November 28. The stock has gained 43.93% this year, so far.
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