Godrej Properties Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. Issued by ICRA Limited, the report confirms that the utilization of proceeds raised through the Qualified Institutional Placement (QIP) is in line with the objects of the issue, with no deviations observed. The report details the breakdown of costs for ‘Acquisition of land and/or land development rights’ and ‘General corporate purposes’, indicating a revised total expenditure of INR 5,921.00 Crore.
Godrej Properties Reports on QIP Fund Utilization
Godrej Properties Limited has released its Monitoring Agency Report, prepared by ICRA Limited, for the financial quarter ending June 30, 2026. This report addresses the utilization of funds raised through a Qualified Institutional Placement (QIP).
Key Findings from the Monitoring Agency Report
The report indicates that the utilization of the QIP proceeds has been in accordance with the stated objectives of the issue. Specifically, ICRA Limited has confirmed that there has been ‘No deviation’ from the objects of the issue.
Fund Utilization Breakdown
The proceeds were allocated to two primary categories:
- Acquisition of land and/or land development rights: The original cost was INR 5,300.000 Crore, and the revised cost remains the same.
- General corporate purposes: The original cost was INR 615.000 Crore, with a revised cost of INR 621.000 Crore. This revision is attributed to actual offer-related expenditure being lower than estimated, resulting in a net saving of INR 6.00 Crore.
The total net proceeds accounted for are INR 5,921.00 Crore. The report also details the deployment of unutilized proceeds, with investments made across various money market and liquid funds, showing a market value of INR 1,748.411 Crore as of quarter end. The unutilized amount stands at INR 1,486.649 Crore.
Implementation of Objects
Both identified objects, ‘Acquisition of land and/or land development rights’ and ‘General corporate purposes’, were scheduled for completion by March 31, 2028, and are reported to be ‘On Schedule’, with ‘NA’ for delays.
Source: BSE
