Godrej Properties Raises Rs 1,275 Cr via NCDs

New Delhi, Jul 26 (PTI) Realty firm Godrej Properties has raised Rs 1,275.40 crore through the issue of non-convertible debentures (NCDs) on a private placement basis.

In a regulatory filing on Friday, the company said the allotment committee of the board of directors of the company approved the allotment of 93,540 unsecured redeemable NCDs of the face value of Rs 1 lakh each, aggregating to Rs 935.40 crore.

It also approved allotment of 34,000 such NCDs aggregating to Rs 340 crore.

These NCDs were allotted to identified investors on a private placement basis.

Godrej Properties is one of the leading real estate developers in the country.

The company achieved maximum sales bookings number last fiscal among listed real estate entities.

Godrej Properties plans to launch residential projects worth Rs 30,000 crore this fiscal across major cities to achieve 20 per cent growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej had said in May.

In an interview with PTI, Pirojsha had said, "We have given a sales bookings guidance of Rs 27,000 crore for the current fiscal, a 20 per cent growth from high base in 2023-24."

In the last fiscal, the company's sales bookings jumped 84 per cent to a record Rs 22,527 crore, from Rs 12,232 crore in the preceding year.

Godrej Properties plans to launch 21.9 million (219 lakh) square feet area this fiscal with an estimated sales booking value of Rs 30,000 crore.

During the 2023-24 fiscal, the company's net profit increased to Rs 725.27 crore, from Rs 571.39 crore in the preceding year.

Total income rose to Rs 4,334.22 crore last fiscal year, from Rs 3,039 crore in 2022-23.

The company delivered 12.5 million square feet area in the last fiscal and is targeting to scale it up to 15 million square feet in 2024-25.