Godrej Properties has received approval to raise funds through the issuance of 75,000 Rated Listed Unsecured Redeemable Non-Convertible Debentures (NCDs) of Face Value of Rs 1,00,000 each, aggregating to Rs 750 crore. This consists of a Base Issue of 50,000 Rated Listed Unsecured Redeemable Non-Convertible Debentures of Face Value of Rs 1,00,000 each, aggregating to Rs 500 crore with an option to retain oversubscription of up to 25,000 Rated Listed Unsecured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,00,000 each, aggregating to Rs 250 crore (Series A Debentures). The Management Committee of the Board of Directors at its meeting held on June 26, 2023, approved the same.
In addition to this, the company has acquired about 15 acres of land in Gurugram, Haryana, for the development of premium residential apartments. The land has been acquired through an outright purchase, the company said in a filing to the stock exchanges. However, the company has not mentioned the cost of acquiring the land or the revenue potential it is likely to have.
Godrej Properties is a realty firm of Godrej group and it is one of the leading real estate development companies in India based in Mumbai, Maharashtra. Currently, their business focuses on residential, commercial and township developments.
Godrej Properties is currently trading at Rs 1,551.35, up by 16.50 points or 1.08% from its previous closing of Rs 1,534.85 on the BSE. The scrip opened at Rs 1,552.90 and touched a high and low of Rs 1557.05 and Rs 1535.25, respectively. So far 11,443 shares of Godrej Properties were traded on the counter.
The BSE group ‘A’ stock of face value of Rs 5 has touched a 52-week high of Rs 1,588.95 and a 52-week low of Rs 1,005. Last one week high and low of the scrip stood at Rs 1,558.45 and Rs 1,478.45 respectively. The current market cap of the company is Rs 43,234.91 crore. The promoters holding in the company stood at 58.48%, while Institutions and Non-Institutions held 31.78% and 9.74%, respectively.
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