Godrej Properties board to meet on October 1 to consider fundraising options

Godrej Properties has a series of launches planned for the year, with a guidance of Rs 30,000 crore for FY25.

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Godrej Properties has scheduled a board meeting on October 1, 2024, to discuss potential fundraising initiatives, with details on the mode of raising funds still to be ascertained. Godrej Properties share price fell more than 2.5 percent on Thursday to Rs 3,243.65 in the afternoon trade amid a buoyant market.

The announcement for the fresh fundraising initiative follows a series of successful capital-raising efforts.

In July 2024, Godrej Properties raised Rs 1,275.40 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis, with the allotment of 93,540 unsecured redeemable NCDs worth Rs 935.40 crore and an additional 34,000 NCDs aggregating Rs 340 crore to selected investors.

Earlier last year, in September 2023, Godrej Properties also raised Rs 1,160 crore via unsecured redeemable NCDs, offering a coupon rate of 8.3 percent.

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As the company explores fundraising options, the trading window for designated persons is closed from September 25 to October 3, 2024.

Godrej Properties stock has more than doubled in the last one year, and has jumped over 62 percent year-to-date (since January), with the market capitalisation nearing Rs 91,000 crore. It has outperformed benchmark NSE Nifty 50, which has gained 33 percent in one year, and 20 percent since January.

CNBC TV18 reported that company has a series of launches planned for the year, with a guidance of Rs 30,000 crore worth inventory for FY25. Nearly 30 percent of this has already hit the market.

“Collection curve will shoot more strongly to the latter part of the year," Godrej Properties MD and CEO Gaurav Pandey had said in an interview with CNBC TV18 in an interview last month. He added that the company is confident on a guidance of Rs 15,000 crore of collections for FY 2024-25.

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