Godrej Properties Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, confirming that the utilization of funds raised through its Qualified Institutional Placement (QIP) is in line with the objects of the issue as disclosed in the offer document. The report, issued by ICRA Limited, highlights no material deviations in the use of proceeds.
QIP Proceeds Utilization Verified
Godrej Properties Limited has released its Monitoring Agency Report for the quarter ending September 30, 2026. This report, prepared by ICRA Limited, provides an independent assessment of how the proceeds from the company’s Qualified Institutional Placement (QIP) have been utilized.
Key Findings
The report confirms that the utilization of the QIP proceeds is aligned with the objectives outlined in the offer document. Specifically, there have been no material deviations observed in the application of these funds, indicating a transparent and compliant approach by the company in managing its raised capital. The entire utilization of the issue proceeds is in line with the objects of the issue.
Financial Overview
The total issue size was INR 6,000 crore, with net proceeds amounting to INR 5,915.000 crore after excluding issue-related expenses. The actual net proceeds were INR 5,921.00 crore, reflecting a revision due to lower-than-estimated offer-related expenditure by INR 6.00 crore. The funds were allocated for the acquisition of land and/or land development rights (INR 5,300 crore) and general corporate purposes (INR 615 crore).
Progress on Objects
As of September 30, 2026, the acquisition of land and/or land development rights saw INR 4,434.351 crore utilized, with a remaining unutilized amount of INR 865.649 crore. For general corporate purposes, the revised cost stands at INR 621.000 crore, with the full amount utilized. Both objects are on schedule for completion by March 31, 2028.
Deployment of Unutilized Proceeds
The unutilized proceeds have been strategically deployed across various short-term and liquid investment instruments. As of the quarter’s end, the total market value of these investments stood at INR 1,806.728 crore, generating earnings of INR 163.313 crore. These investments include mutual funds and money market instruments, managed to provide liquidity and a modest return.
Source: BSE
