Godrej Properties has raised INR 1,275.40 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The company's board approved the distribution of 93,540 unsecured redeemable NCDs worth INR 935.40 crore and an additional 34,000 NCDs worth INR 340 crore. Pirojsha Godrej, Executive Chairperson for the company, announced plans to launch residential projects valued at INR 30,000 crore this fiscal year to achieve a 20% growth in sales bookings, targeting INR 27,000 crore. In the previous fiscal year, the company saw an 84% growth in sales bookings and aims to deliver 15 million sq. ft this year.
Godrej Properties, a real estate company, has raised INR 1,275.40 crore by issuing non-convertible debentures (NCDs), or borrowing this amount from investors by selling NCDs. The issuance was done on a private placement basis - the NCDs were sold to a select group of investors rather than the general public.
In a regulatory filing last week, the company announced that its board of directors' allotment committee approved the distribution of 93,540 unsecured redeemable NCDs. Each NCD has a face value of INR 1 lakh, making the total amount INR 935.40 crore. The committee also approved the allotment of 34,000 of the same NCDs, which summed to INR 340 crore.
These NCDs were given to a group of investors selected by the company rather than offered to the general public. Godrej Properties is currently one of the top real estate firms in the country and it recorded the highest sales bookings last fiscal year compared to other listed real estate companies.
In May, Pirojsha Godrej, Executive Chairperson, announced that the company intends to launch residential projects valued at INR 30,000 crore across major cities in the current fiscal year, intending to achieve a 20% rise in their sales to capitalize on the strong demand in the realty market. In an interview with PTI, he mentioned that the company aims to achieve INR 27,000 crore in sales bookings for the current fiscal year. This target represents a 20% growth from the high sales bookings achieved in the previous fiscal year, 2023-24.
In the previous fiscal year, Godrej Properties saw a remarkable 84% growth in their sales bookings, increasing from INR 12, 232 crore to INR 22,527 crore. In the present financial year, Godrej plans to launch 219 lakh square feet of area that has an estimated sales value of INR 30,000 crore. In the financial year 2023-24, the company earned a net profit of INR 725.27 crore, rising from INR 571.39 crore in the year before. The total income generated rose from INR 3,039 crore in the 2022-23 fiscal year to INR 4,334 crore in the previous fiscal.
The company is aiming to deliver 15 million square feet in the current financial year, a higher target than the previous fiscal year's 12.5 million sq. ft delivered.
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