Godrej Properties Limited has submitted the monitoring agency report on the utilisation of proceeds raised through its Qualified Institutional Placement (QIP) for the quarter ended March 31, 2026. The report, prepared by ICRA Limited as the designated monitoring agency, was filed with BSE Limited and the National Stock Exchange of India Limited on May 04, 2026, in compliance with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Overview

The QIP was conducted between November 27, 2024 and December 02, 2024, involving the issuance of equity shares. The actual net proceeds from the placement were marginally higher than initially estimated, owing to lower-than-anticipated issue-related expenses.

Utilisation of Proceeds — No Deviations Reported

ICRA Limited confirmed that the utilisation of QIP proceeds is fully in line with the objects of the issue, with no material deviations observed. The means of finance for the disclosed objects remain unchanged, and no major deviation was observed over earlier monitoring agency reports. Both primary objects of the issue — land acquisition and general corporate purposes — are on schedule for completion by March 31, 2028.

The revised cost allocation reflects the upward revision in general corporate purposes from Rs. 615.000 crore to Rs. 621.000 crore, corresponding to the lower actual offer-related expenditure.

Progress in Utilisation of Proceeds

As of the quarter ended March 31, 2026, a cumulative amount of INR 4,434.351 crore had been utilised towards the acquisition of land and/or land development rights, with INR 224.773 crore deployed during the quarter. The total unutilised amount stood at INR 1,486.649 crore.

Note: The opening balance includes an adjustment for an EMD of INR 15.258 crore initially deposited in Q2 FY26, which was refunded and added back to unutilised proceeds in Q3 FY26.

Deployment of Unutilised Proceeds

The unutilised proceeds have been deployed across a range of mutual fund instruments. As certified by Gada Chheda & Co. LLP, the total amount invested stood at Rs. 1,643.414 crore (including booked profits of Rs. 156.766 crore net, earned from sale of mutual funds and redemption of fixed deposits), with total earnings of Rs. 104.997 crore and a market value of Rs. 1,748.411 crore as at the end of the quarter. The following table presents the deployment details:

Regulatory Compliance and Monitoring Agency Declaration

ICRA Limited, represented by Parul Goyal Narang, Vice President & Head - Process Excellence, confirmed that the report provides an objective view of the utilisation of issue proceeds based on information provided by the issuer and sources believed to be accurate and reliable. The monitoring agency noted no conflict of interest in its relationship with Godrej Properties while monitoring and reporting on the utilisation of QIP proceeds. The report was submitted in line with the format prescribed by SEBI. The filing was signed by Ashish Karyekar, Company Secretary of Godrej Properties Limited.

The Nomination and Remuneration Committee of godrej properties Limited, at its meeting held on May 04, 2026, approved a fresh grant of stock options and took note of the lapse of existing stock grants under the Godrej Properties Limited Employee Stock Grant Scheme, 2011 (GPL ESGS). The disclosures were made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee meeting commenced at 09:30 a.m. and concluded at 10:30 a.m.

Stock Option Grant Under GPL ESGS

The Committee approved the grant of 29,371 (Twenty Nine Thousand Three Hundred and Seventy One) stock options to eligible employees of the Company under the GPL ESGS. The grant is subject to the provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as amended from time to time. Key details of the grant are outlined below:

Each stock option entitles the holder to apply for one equity share of the Company of face value ₹5. The options shall vest over a period of three years and are exercisable within one month from the date of vesting, or such other period as may be determined by the Nomination and Remuneration Committee.

Lapse of Stock Grants Under GPL ESGS

The Committee also took note of the lapse of 3,418 (Three Thousand Four Hundred and Eighteen) stock grants that had been previously issued to an eligible employee under the GPL ESGS. Consequent to the lapse of these stock grants, the concerned employee shall have no right to claim any part of the lapsed grants.

Key Highlights

• 29,371 new stock options granted to eligible employees under GPL ESGS
• Exercise price set at ₹5 per option, with each option convertible into one equity share of face value ₹5
• Options vest over 3 years and are exercisable within 1 month from the date of vesting
• 3,418 stock grants have lapsed; the concerned employee forfeits all rights to these grants
• Disclosures made under Regulation 30 of SEBI (LODR) Regulations, 2015

The intimation was signed by Ashish Karyekar, Company Secretary, on behalf of Godrej Properties Limited.