Godrej Properties Ltd. has released its monitoring agency report for the quarter ended March 31, 2026, confirming the efficient utilization of funds raised through its Qualified Institutional Placement (QIP). The report highlights that the utilization of proceeds remains in line with the original objects of the issue, with no deviations observed. As of the end of the quarter, the company has utilized INR 4,434.351 crore out of the total net proceeds.
Utilization of QIP Funds
Following the Qualified Institutional Placement (QIP) conducted between November 27, 2024, and December 02, 2024, Godrej Properties Ltd. successfully raised a total of INR 6,000 crore. The actual net proceeds available to the company stood at INR 5,921.00 crore, reflecting a slight adjustment due to actual offer-related expenditures being INR 6.00 crore lower than initial estimates.
Progress on Object Heads
The funds are earmarked for two primary purposes. The first, Acquisition of land and/or land development rights, has an allocation of INR 5,300 crore, of which INR 4,434.351 crore has been utilized by the end of the March 2026 quarter. The second, General corporate purposes, has a revised allocation of INR 621 crore.
Project Status and Deployment
All projects associated with the utilization of these proceeds are currently on schedule, with a projected completion date of March 31, 2028. As of the end of the quarter, the company held INR 1,486.649 crore in unutilized proceeds. These remaining funds are strategically deployed in various liquid and money market mutual fund instruments, ensuring both safety and optimal returns, with a total market value of INR 1,748.411 crore recorded as of March 31, 2026.
Source: BSE
