Godrej Properties to raise up to Rs3,000 crore for expansion
January 5, 2010
After its Rs462-crore initial share sale, real-estate developer Godrej Properties Ltd on Tuesday said it plans to raise around Rs3,000 crore through debt or equity to fund its expansion plans over the next two-three years, reports PTI.
"We plan to raise Rs2,000-Rs3,000 crore over the next two-three years to fund expansion plans," Godrej Group chairman Adi Godrej told reporters on the sidelines of the company's listing ceremony in Mumbai today.
The company was looking at various options to raise money, including the qualified institutional placement route, Mr Godrej said, adding that the promoters will dilute stake from the current 86% in the event of a qualified institutional placement (QIP).
Godrej Properties is currently undertaking several projects across 10 cities, which are at various stages of development, Mr Godrej said.
Moving ahead, the company expects to become a major player in the affordable housing segment, by offering housing units in the range of Rs25-Rs30 lakh.
"In the period ahead, we will see affordable housing picking up strongly in the country. We are very committed to play a significant role in this segment," he said.