Realty firm Godrej Properties raises Rs 1,160 crore through NCDs
Godrej Properties, a leading real estate developer in India, raised Rs 1,160 crore through the issue of non-convertible debentures (NCDs) on a private placement basis. The company allotted one lakh rated listed unsecured redeemable NCDs of the face value of Rs 1,00,000 each, aggregating to Rs 1,000 crore, and 16,000 NCDs of a face value of Rs 1 lakh each, aggregating to Rs 160 crore. The interest for all NCDs will be paid annually.
Godrej Properties expects 14% growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand. The company posted a nearly three-fold jump in consolidated net profit at Rs 124.94 crore in the June quarter.
On the operational front, Godrej Properties’ sales bookings declined 11% to Rs 2,254 crore in the quarter from Rs 2,520 crore in the year-ago period. In terms of volumes, sale bookings dropped 20% to 2.25 million sq ft from 2.83 million sq ft. The company delivered 4.9 million square feet area in June quarter.
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