Godrej Properties Raises INR 1,160 Crore Through Private Placement of NCDs

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    Mumbai-based real estate firm Godrej Properties has successfully raised INR 1,160 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The allotment committee of the company’s Board of Directors approved the allocation of these NCDs.

    The issued NCDs comprise one lakh rated listed unsecured redeemable debentures with a face value of INR 1,00,000 each, totaling INR 1,000 crore. These Series I NCDs are set to mature on March 19, 2027, offering a coupon rate of 8.3 percent. Additionally, 16,000 NCDs with a face value of INR 1 lakh each, totaling INR 160 crore, were allotted as Series II NCDs. These Series II NCDs are due on September 20, 2028, with a coupon rate of 8.5 percent. Interest on all NCDs will be paid annually.

    Back in August, the company’s board had granted approval to raise funds through NCDs, bonds, and other debt securities on a private placement basis, with a maximum limit of INR 2,000 crore.

    Godrej Properties, a subsidiary of the diversified business conglomerate Godrej Industries, is a prominent player in the Indian real estate sector, focusing primarily on the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune markets for residential project development.

    The company anticipates a 14 percent growth in sales bookings for the current fiscal year, reaching a record INR 14,000 crore, driven by robust housing demand. In the June quarter, Godrej Properties reported a substantial increase in consolidated net profit, surging to INR 124.94 crore from INR 45.55 crore in the corresponding period the previous year. Total income for the quarter rose to INR 1,265.98 crore, compared to INR 426.40 crore in the same period last year.

    On the operational front, the company’s sales bookings dipped by 11 percent to INR 2,254 crore in the quarter, down from INR 2,520 crore in the year-ago period. In terms of volumes, sale bookings decreased by 20 percent, amounting to 2.25 million square feet compared to 2.83 million square feet. During the June quarter, the company successfully delivered 4.9 million square feet of built-up area.

    Also read: Godrej Properties Wins Bids for Luxury Residential Projects on Gurugram’s Golf Course Road

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