Godrej Properties announced that its board has approved raising up to Rs 6,000 crore through various methods in one or more tranches.
The company will raise funds through the issuance of equity shares, fully convertible debentures, partly convertible debentures, non-convertible debentures, preference shares convertible into equity shares, eligible securities, or through any other permissible method.The company will raise the funds in one or more tranches through public or private offerings, including a qualified institutional placement (QIP), rights issue, further public offer (FPO), or any other method permitted by applicable law.
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Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 30 June 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
The company reported its highest ever consolidated net profit of Rs 520.05 crore in Q1 FY25, steeply higher than Rs 124.94 crore posted in Q1 FY24. Revenue from operations declined 21.05% year on year to Rs 739 crore in Q1 FY25 from Rs 936.09 crore recorded in the same period a year ago.
Shares of Godrej Properties rose 0.93% to currently trade at Rs 3,189 on the BSE.
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