Godrej Properties Board Approves Rs 750 Crore NCD Issuance
In a recent development, Godrej Properties, a renowned real estate company, has received approval from its board of directors to release unsecured redeemable non-convertible debentures (NCDs) worth Rs 750 crore. This decision was made public through a regulatory filing by the company.
The approved placement memorandum entails the issuance of 75,000 rated listed unsecured redeemable non-convertible debentures, with a face value of Rs 1,00,000/- each, resulting in a cumulative value of Rs 750,00,00,000. The initial size of the issuance is set at Rs 500 crore, with an option to retain oversubscription of up to Rs 250 crore.
This move follows Godrej Properties’ impressive financial performance, which witnessed a significant year-on-year increase in net profit for the quarter ending in March 2023. The net profit soared to Rs 412 crore, marking a 58 percent rise compared to Rs 260.47 crore reported in the same period last fiscal year.
According to the regulatory filing submitted on May 3, the company’s total income also experienced a notable surge, climbing from Rs 1,522.57 crore to Rs 1,838.82 crore in Q4FY23.
For the entire fiscal year of 2022-2023, Godrej Properties saw a commendable growth in net profit, with figures rising to Rs 571.39 crore from Rs 352.37 crore in the previous year. Additionally, the total income for the same period escalated to Rs 3,039 crore from Rs 2,585.69 crore.
On June 26, during the trading session, Godrej Properties witnessed a positive trend in its share value, closing at Rs 1,534 apiece on the BSE. This amounted to a 2.35 percent increase compared to the previous day’s closing value.
Godrej Properties’ board approval for the issuance of Rs 750 crore NCDs reflects the company’s strong financial standing and strategic decision-making. The real estate market will be closely monitoring the impact of this move on the company’s growth trajectory in the coming months.
About Godrej Properties:
Godrej Properties Limited is a Mumbai-based real estate company situated in India. It was founded in 1990 by Adi Godrej and operates as a subsidiary of Godrej Industries Ltd. The company is currently engaged in the development of projects spanning an estimated area of over 89.7 million square feet.
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