Godrej Properties gets board approval for Rs 750 crore NCDs issuance

27 Jun 2023 , 10:08 AM

Godrej Properties, a well-known real estate company, recently received approval from its board of directors to issue unsecured redeemable non-convertible debentures (NCDs) worth Rs 750 crore. The company made this decision public through a regulatory filing.

The approved placement memorandum calls for the issue of 75,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs 1,000,000 each, for a total value of Rs 750,00,000. The initial size of the issuance is Rs 500 crore, with an option to retain up to Rs 250 crore in oversubscription.

This move comes on the heels of Godrej Properties’ strong financial performance, which registered a significant year-on-year increase in net profit for the fiscal quarter ending March 2023. The net profit increased by 58% to Rs 412 crore from Rs 260.47 crore in the same period last fiscal year.

Godrej Properties saw a commendable increase in net profit for the fiscal year 2022-2023, rising to Rs 571.39 crore compared to Rs 352.37 crore in the previous year. Furthermore, total revenue for the same period increased to Rs 3,039 crore from Rs 2,585.69 crore.

The board of directors of Godrej Properties approved the issuance of Rs 750 crore NCDs, demonstrating the company’s strong financial position and strategic decision-making. In the coming months, the real estate market will closely monitor the impact of this move on the company’s growth trajectory, said the company on Monday.

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