Godrej Properties Raises Rs 1,275 Crore through Non-Convertible Debentures
Godrej Properties, one of India's leading real estate developers, has raised Rs 1,275 crore through the issue of non-convertible debentures (NCDs) on a private placement basis.
Godrej PropertiesNon Convertible DebenturesReal EstateMumbaiFundraisingReal Estate MumbaiJul 27, 2024
In a regulatory filing, Godrej Properties announced that the allotment committee of its board of directors approved the allotment of 93,540 unsecured redeemable NCDs with a face value of Rs 1 lakh each, aggregating to Rs 935.40 crore. Additionally, the company approved the allotment of 34,000 such NCDs aggregating to Rs 340 crore. These NCDs were allotted to identified investors on a private placement basis.
Godrej Properties, known for its expertise in developing upscale residential projects, has been consistently performing well in the Indian real estate market. The company achieved the highest sales bookings among listed real estate entities last fiscal, with a significant jump of 84% to a record Rs 22,527 crore.
To further accelerate its growth momentum, Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal across major cities, aiming to achieve 20% growth in sales bookings. The company's executive chairman, Pirojsha Godrej, has expressed optimism about the demand for residential properties, citing a strong pipeline of projects.
In the last fiscal, Godrej Properties delivered 12.5 million square feet of area and is targeting to scale it up to 15 million square feet in 2024-25. The company's net profit increased to Rs 725.27 crore, from Rs 571.39 crore in the preceding year, while total income rose to Rs 4,334.22 crore.
Godrej Properties' successful fundraising effort is expected to provide a significant boost to its growth plans, enabling the company to capitalize on emerging opportunities in the Indian real estate market.
Frequently Asked Questions
How much did Godrej Properties raise through non-convertible debentures?
Rs 1,275.40 crore
What is the face value of each non-convertible debenture?
Rs 1 lakh
What is Godrej Properties' sales bookings guidance for the current fiscal?
Rs 27,000 crore, a 20% growth from the previous year
How much is Godrej Properties planning to launch in residential projects this fiscal?
Rs 30,000 crore
What is the company's goal for scaling up its delivery of area in 2024-25?
15 million square feet
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