 "Godrej Properties")
Godrej Properties’ stock is up 1.9 per cent at Rs 3,330 in intra-day trade and is now trading closer to the day’s high of Rs 3,225.
The board of directors of Godrej Properties approved a fund raise of Rs 6,000 crore in a board meeting held today, as per the company’s stock exchange filing.
The funds will be raised through the issuance of equity shares, fully convertible debentures, partly convertible debentures, non-convertible debentures (with or without warrants), preference shares convertible into equity shares, eligible securities, and/or any other security convertible into equity shares, or any combination thereof.
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The amount will be raised in one or more tranches through public and/or private offerings. The offerings may include qualified institutional placement (QIP), rights issue, further public offer, or any other mode. The fund raise is subject to the approval of the shareholders, which the company will seek through postal ballots. The company has not specified how it will utilise the funds.
The listed real estate major, which has a market valuation of around Rs 88,753.26 crore, has a presence across both residential and commercial properties.
With a significant influence on the Mumbai Metropolitan Region (MMR) market, the company’s portfolio also includes projects in Pune, Nagpur, Kolkata, Chennai, Bengaluru, Chandigarh, Kurukshetra, and the Delhi National Capital Region (NCR).
Earlier, the company reported total income of Rs 1,699.48 crore for the first quarter of the financial year 2025 (Q1 FY2025). Of the total revenue, Rs 715.95 crore came from the company’s real estate segment. Meanwhile, the profit attributable to equity holders of the parent stood at Rs 520.05 crore during the same period.
Godrej Properties’ stock is up 1.9 per cent at Rs 3,330 in intra-day trade and is now trading closer to the day’s high of Rs 3,225.
First Published: Oct 01 2024 | 2:30 PM IST
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