Godrej Properties to Raise Rs 6,000 Crore Through Securities

Realty firm Godrej Properties announced board approval to raise up to Rs 6,000 crore through the issue of securities. The funds will be raised in multiple tranches through various modes like public and private offerings. The company aims to boost its sales bookings, targeting Rs 27,000 crore.

Realty firm Godrej Properties struck a significant financial move on Tuesday by securing board approval to raise up to Rs 6,000 crore via securities issuance.

According to a regulatory filing, the funds are set to be procured in multiple tranches through public and/or private offerings, inclusive of equity shares, debentures, and other eligible securities. The modes of raising include qualified institutions placement, rights issue, and further public offers.

As a leading developer with significant presence in key Indian metro regions, Godrej Properties recorded an impressive 84% increase in sales bookings last fiscal, amounting to Rs 22,527 crore. With eyes set on a new target of Rs 27,000 crore, the firm continues its aggressive expansion, recently entering the Hyderabad market.

(With inputs from agencies.)