Stay Tuned!

Subscribe to our newsletter to get our newest articles instantly!

Construction

Godrej Properties’ Board approves fund raise of up to ₹6,000 crore through issue of securities

Real estate major Godrej Properties Limited is looking to raise up to 6,000 crore through issue of securities, the company said in a regulatory filing on October 1.

6,000 crore via various routes (Representational photo)(HT file photo)” title=”Godrej Properties’ Board approves fund raise of up to 6,000 crore via various routes (Representational photo)(HT file photo)” /> Godrej Properties’ Board approves fund raise of up to <span class=₹6,000 crore via various routes (Representational photo)(HT file photo)” title=”Godrej Properties’ Board approves fund raise of up to 6,000 crore via various routes (Representational photo)(HT file photo)” />
Godrej Properties’ Board approves fund raise of up to 6,000 crore via various routes (Representational photo)(HT file photo)

As per the regulatory filing, the approval, subject to shareholder consent, was finalised at the company’s board meeting held on October 1, 2024.

Godrej Properties informed that the board has approved the raising of funds for an aggregate amount not exceeding 6,000 crore. The funds would be raised through the issuance of securities, including equity shares, debentures, preference shares and/or any other eligible securities.

Also Read: Godrej Properties acquires a 7-acre land parcel in Bengaluru to construct a housing project worth 1,200 crore

The realty major will raise the funds in one or more tranches, through one or more routes, including issuance of equity shares, fully and partly convertible debentures, non-convertible debentures (with or without warrants), and preference shares convertible into equity shares, among other eligible securities, it said.

Furthermore, these may be public and/or private offerings, including qualified institutional placement, rights issue, further public offer or any other mode as may be permitted, it said in a regulatory filing.

Also Read: India’s 21 big realty firms sell properties worth 35k cr in June quarter; Godrej Properties tops list

In July this year, the company raised 1,275.40 crore by issuing non-convertible debentures (NCDs) on a private placement basis. This issuance included 93,540 unsecured redeemable NCDs valued at 935.40 crore, as well as 34,000 additional NCDs amounting to 340 crore.

Godrej Properties’ portfolio

The company’s portfolio includes residential and commercial projects across multiple cities, including Mumbai Metropolitan Region, Pune, Delhi-NCR, Bengaluru and Hyderabad.

For the April-June quarter of the ongoing financial year, Godrej Properties reported a consolidated net profit of 520 crore, marking a 316% increase on 124 crore clocked in the same period last year.

Also Read: Godrej Properties board to meet on October 1 to discuss fund raising through issue of securities

The company said that its sales bookings jumped nearly four times to 8,637 crore in Q1 of the fiscal, as against 2,254 crore in the year-ago period.

Godrej Properties executive chairperson Pirojsha Godrej had said that the company is on-track to achieve its bookings target of 27,000 crore in FY25 while also achieving the highest ever deliveries and collections performance.

Source link

creativebharatgroup@gmail.com

About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Construction

Welspun One acquires 22-acre land parcel in NCR, to invest ₹125 crore to build logistics park

Aug 20, 2024 04:50 PM IST Welspun One, an integrated fund and development management platform, has acquired the 22-acre site
Construction

India’s senior living market, projected at $12 billion by 2030, faces a supply-gap; Tamil Nadu is key for growth

The senior living market is expected to grow significantly, from its current size of $2-3 billion to $12 billion by