ICRA monitoring report on QIP use: no material deviation, proceeds in line with objects
Godrej Properties has shared ICRA Limited's monitoring agency report on how it used the money raised through its Qualified Institutional Placement, for the quarter ended September 30, 2026.
By ScoutQuest · · 2 min read
- Issue size
- Rs. 6,000.000 crore
- Actual net proceeds
- INR 5,921.00 Crore
- Land and land development rights
- Rs. 5,300.000 crore
What this update is
Godrej Properties has placed on record the monitoring agency report prepared by ICRA Limited for the quarter ended September 30, 2026, covering the money raised through its Qualified Institutional Placement of equity shares. The report compares actual utilisation of that money with the objects stated in the Placement Document.
Why a monitoring agency is involved
- A monitoring agency tracks whether money raised in a Qualified Institutional Placement is actually used for the purposes disclosed to investors.
- It reports quarter by quarter until the proceeds are fully used.
What was raised
- Issue size: Rs. 6,000.000 crore
- Net proceeds as per the Placement Document: INR 5,915.000 Crore (excluding issue related expenses)
- Actual net proceeds: INR 5,921.00 Crore
- The gap of INR 6.00 Crore arises because actual offer related expenditure was lower than estimated.
- The issue period ran from November 27, 2024 to December 02, 2024.
Where the money was earmarked, original versus revised cost
- Acquisition of land and/or land development rights: Rs. 5,300.000 crore originally, unchanged at Rs. 5,300.000 crore
- General corporate purposes: Rs. 615.000 crore originally, revised to Rs. 621.000 crore
- Total: Rs. 5,915.000 crore originally, revised to Rs. 5,921.000 crore
- The increase in general corporate purposes is the same INR 6.00 Crore of lower offer related expenditure.
What ICRA reports
- Deviation from the objects of the issue: no material deviation, utilisation is in line with the objects. Range of deviation: Not Applicable.
- Whether all utilisation is as per disclosures in the Offer Document: Yes.
- Whether the means of finance for the disclosed objects has changed: No.
- Whether any major deviation was seen over earlier monitoring agency reports: No.
- Whether any other relevant information may materially affect investor decision making: the management's answer is No.
How to read this
- This is a use-of-funds disclosure. It tells you what happened to the QIP money, not how sales, project margins or earnings performed.
- The only movement in the figures is the INR 6.00 Crore shift into general corporate purposes, which follows from lower issue expenses.
- ICRA states in its declaration that it does not perform an audit and undertakes no independent verification of the information and certifications it receives.
- The report also notes that sections titled Comments of the Board of Directors are the issuer's own comments and have not been reviewed by the monitoring agency.
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More numbers
- Issue sizeRs. 6,000.000 crore
- Net proceeds as per Placement DocumentINR 5,915.000 Crore
- Actual net proceedsINR 5,921.00 Crore
- Revision in net proceeds on lower offer expenditureINR 6.00 Crore
- Acquisition of land and/or land development rights (original cost)Rs. 5,300.000 crore
- General corporate purposes (original cost)Rs. 615.000 crore
- General corporate purposes (revised cost)Rs. 621.000 crore
- Total objects (revised cost)Rs. 5,921.000 crore
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