Godrej Properties gains on board nod to issue unsecured NCDs

The board of real estate major Godrej Properties has approved the issuing of unsecured redeemable non-convertible debentures (NCDs) worth Rs 750 crore.

At 9:31am, Godrej Properties was trading up 0.3 percent at Rs 1,540 apiece from the previous day’s close on the National Stock Exchange.

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The company recently bought 15 acres of land in Gurugram, Haryana, through an outright purchase for the development of premium residential apartments.

In the first half of June, Godrej also purchased a 7.4-acre land parcel in New Alipore, a premium residential locality in Kolkata. The apartment will entail 2 BHK and 3 BHK houses. The purchase is a venture of Godrej Luxury Projects.

The decision gains significance as the company posted a net profit of Rs 412 crore in the quarter ending March 2023, an increase of 58 percent in the corresponding quarter of the previous fiscal. Companies typically use NCDs to raise long-term funds through a public issue.

Also read: Godrej Properties on land-buying spree for housing projects; to acquire Rs 15,000 crore projects in FY24

In early June, Godrej Properties, the real estate development business of the Godrej Group, acquired an additional stake in Godrej Home Constructions, making the company a wholly owned subsidiary. The company also increased its stake to 100 percent from 74 percent in Wonder City Buildcon.

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