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.
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.
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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.
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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.
