Godrej Properties raises Rs 1,160 crore through issue of NCDs on private placement basis

Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country.

Realty firm Godrej Properties on Wednesday said it has raised Rs 1,160 crore through the issue of non-convertible debentures on a private placement basis.

In a regulatory filing, the company said the allotment committee of the Board of Directors approved the allotment of the Non-Convertible Debentures (NCDs). Godrej Properties said the company has allotted one lakh rated listed unsecured redeemable NCDs of the face value of Rs 1,00,000 each, aggregating to Rs 1,000 crore. For these series I NCDs, the maturity date is March 19, 2027, with a coupon rate of 8.3 per cent. Separately, it has allotted 16,000 NCDs of a face value of Rs 1 lakh each, aggregating to Rs 160 crore. For these Series II NCDs, the date of maturity is September 20, 2028, and the coupon rate is 8.5 per cent. The interest for all NCDs will be paid annually.

In August, the board had made an enabling approval for raising of funds, by issue of NCDs, bonds and/or other debt securities on a private placement basis, in one or more tranches, for an amount not exceeding Rs 2,000 crore. Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune markets for the development of residential projects.

The company expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand. Godrej Properties has posted a nearly three-fold jump in consolidated net profit at Rs 124.94 crore in the June quarter as against Rs 45.55 crore in the year-ago period. Total income during the quarter rose to Rs 1,265.98 crore from Rs 426.40 crore in the corresponding period of the previous year, according to a regulatory filing.

On the operational front, Godrej Properties’ sales bookings declined 11 per cent to Rs 2,254 crore in the quarter from Rs 2,520 crore in the year-ago period. In terms of volumes, sale bookings dropped 20 per cent to 2.25 million sq ft from 2.83 million sq ft. The company delivered 4.9 million square feet area in June quarter.