Godrej Properties raises Rs 1,000 cr from GIC-managed investment firm

Realty firm Godrej Properties on Friday said it has raised Rs 1,000 crore through issue of preferential shares to a GIC-managed investment firm.

In a filing to the BSE, the company said that an allotment committee of the board of directors has allotted 1,27,65,000 equity shares to GAMNAT Pte Ltd on preferential basis at the price of Rs 783.50 per equity share.

GAMNAT is a GIC-managed investment firm.

"The total capital raised from this issue is Rs 1,000 crore," the company said in a statement.

"We will use the entire capital raised to fund our exciting growth opportunities across India's leading real estate markets," said Pirojsha Godrej, Executive Chairman, Godrej Properties said.

Godrej Properties, the real estate arm of Godrej group, is currently developing residential, commercial and township projects spread across 151 million square feet in 12 cities.