A leading real estate developer has raised Rs 6,000 crore by selling shares to institutional investors through a Qualified Institutional Placement (QIP) to support business expansion amid strong demand for residential plots and apartments.

The QIP issue was launched last week and closed after approval from the board's QIP Placement Committee. The committee approved an issue price of Rs 2,595 per equity share, representing a discount of 4.86% to the floor price. A total of 2.31 crore equity shares were allotted to eligible institutional buyers.

The developer recently reported an 84% jump in sale bookings to a record Rs 22,527 crore for the fiscal year 2023-24 and has set a target of achieving Rs 27,000 crore in sale bookings. Additionally, the company added eight new land parcels in the first six months of this fiscal, with an estimated saleable area of 11 million sq ft and a potential booking value of around Rs 12,650 crore.

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