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The real estate arm of the Godrej Group, Godrej Properties, has raised Rs 3,750 crore through a Qualified Institutional Placement (QIP) of 2.59 crore equity shares to global investors including the Government of Singapore, Goldman Sachs Funds and Invesco Oppenheimer Developing Markets Fund. The company will use the money to buy land and expand its business. Government of Singapore Investment Corporation (GIC) invested $110 million and Invesco Developing Markets Fund and other funds managed by Invesco Advisers Inc put in $150 million. The QIP, which was launched on March 9 and closed on March 15, was set at Rs 1,450 per share. It saw a strong mix of investors, with nearly 90% of the book going to long-only investors. Universities Superannuation Scheme, Monetary Authority of Singapore, and Baron Emerging Markets Fund are also among the investors that have been allotted more than 5% equity shares offered in the issue. Invesco Oppenheimer Developing Markets Fund and the Government of Singapore have subscribed to 24.87% and 13.05% of the issue, respectively. The Monetary Authority of Singapore has subscribed to an 8.34% issue, and Goldman Sachs Funds through Goldman Sachs Emerging Markets Equity Portfolio has subscribed to 6.70% of the issue. The company has approved the issue and allotment of shares to eligible, qualified institutional buyers at the issue price of Rs 1,450 against the floor price of Rs 1,513.39 per share, Godrej Properties said in a regulatory filing. In February, the company had approved an enabling resolution to raise up to Rs 3,750 crore equity or debt capital through public or private issue in one or more tranches. Godrej Properties raised these funds to drive consolidation through this additional capital and use it to strengthen the company's development portfolio significantly. Image Source Also read: Godrej Properties plans QIP to buy land parcel