Godrej Properties on June 26 announced that its board has given the nod to issue unsecured redeemable non-convertible debentures (NCDs) worth Rs 750 crore.
"...the management committee of the Board of Directors of the company has today, i.e. on June 26, 2023, approved the placement memorandum for issuance of 75,000 rated listed unsecured redeemable non-convertible debentures of face value of Rs 1,00,000/- each, aggregating to Rs 750,00,00,000," the real estate company said in a regulatory filing.
The base size of the issue will be Rs 500 crore, Godrej Properties said, adding that there will be an option to retain oversubscription of up to Rs 250 crore.
The decision to issue NCDs comes more than a month after the company posted a 58 percent on-year jump in the net profit clocked in the quarter ending March 2023. The net profit came in at Rs 412 crore, as against Rs 260.47 crore in the corresponding period of the previous fiscal year.
Total income rose to Rs 1,838.82 crore in Q4FY23 from Rs 1,522.57 crore a year ago, as per a regulatory filing made on May 3.
In the entire FY23, net profit increased to Rs 571.39 crore from Rs 352.37 crore in 2021-22. Total income also grew to Rs 3,039 crore from Rs 2,585.69 crore.
In the trading session on June 26, Godrej Properties recorded an uptick in its share value. The scrip settled at Rs 1,534 apiece on the BSE, which was 2.35 percent higher as against the previous day's close.
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