Godrej Properties Plans Fundraising Meeting On October 1, 2024

26 Sep 2024 , 03:08 PM

Godrej Properties has scheduled a board meeting on October 1, 2024, to explore potential fundraising options. The specific mode of raising funds is yet to be decided. The company’s share price saw a 2.5% dip on Thursday, trading at ₹3,243.65 amid an overall positive market trend.

In July 2024, Godrej Properties raised ₹1,275.40 crore through non-convertible debentures (NCDs) via private placement, issuing 93,540 unsecured redeemable NCDs worth ₹935.40 crore, along with an additional 34,000 NCDs aggregating ₹340 crore. In September 2023, Godrej also raised ₹1,160 crore by issuing unsecured redeemable NCDs with an 8.3% coupon rate.

The trading window for designated persons remains closed from September 25 to October 3, 2024, as fundraising discussions are underway.

Over the past year, Godrej Properties’ stock has more than doubled, jumping 62% year-to-date, and has outperformed the NSE Nifty 50, which gained 33% in a year and 20% since January. The company has planned ₹30,000 crore worth of launches for FY25, with nearly 30% already launched. They are targeting ₹15,000 crore in collections for FY 2024-25.