Godrej Inds gains on raising Rs 550 cr via NCDs

Godrej Industries rose 1.49% to Rs 409.05 after the company announced that its management committee of the board has approved the allotment of non-convertible debentures (NCDs) aggregating to Rs 550 crore, in two series on private placement basis.

The Godrej Group company allotted rated, listed, unsecured, redeemable NCDs having a face value of Rs 1 lakh aggregating to Rs 550 crore on 20 March 2023. The debentures are proposed to be listed on National Stock Exchange of India (NSE).

The proceeds of the issue are proposed to be used for business purposes, investments in body corporates, repayment / prepayment of certain loans and for general corporate purposes.

Under Series 1, the company allotted 25,000 debentures having a coupon rate of 8.30% per annum to be paid annually. The tenure of the instrument is 3 years 2 months and 11 days from the date of allotment (maturity date being 12 June 2026).

Consequently, under Series 2, the company allotted 30,000 debentures having a coupon rate of 8.35% per annum to be paid annually. The tenure of the instrument is 2 years 8 months and 11 days from the date of allotment (maturity date being 12 December 2025).

Godrej Industries, a Godrej Group Company, is a conglomerate with a significant presence in home and personal care, animal feeds, dairy and agri-products, poultry, oil palm plantation and real estate.

The company reported 117.82% jump in consolidated net profit to Rs 314.58 crore in Q3 FY23 as against Rs 144.42 crore posted in Q3 FY22. Revenue from operations stood at Rs 3,842.55 crore in the quarter ended 31 December 2022, up 9.33% YoY.

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