GPL has been buying land parcels to take advantage of distressed valuations in property markets. GPL is looking to raise Rs 3,750 crore through qualified institutional placement of shares to buy land parcels.
In the last quarter, the company bought two different land parcels in Bangalore with a combined development potential of about 4 million square feet. “Though land prices have not fallen much compared to previous quarters, it makes sense to buy land parcels now,” Pirojsha Godrej, chairman of the company said ina recent interview. GPL raised Rs 2,100 crore in 2019 through QIP of shares, and Rs 1,000 crore through issuance of non-convertible debentures last year for buying land.