The management committee of the board of directors of Godrej Properties have approved the placement memorandum for issuance of 75,000 rated listed unsecured redeemable non-convertible debentures (NCDs) of face value of Rs 1,00,000 each, aggregating to Rs 750 crore, the company said in a BSE filing.
The issuance consists of a base issue of 50,000 rated listed unsecured redeemable NCDs of face value of Rs 1,00,000 each, aggregating to Rs 500 crore with an option to retain oversubscription of up to 25,000 rated listed unsecured redeemable NCDs of face value of Rs 1,00,000 each, aggregating to Rs 250 crore (series A debenture).
In May 2023, the board had approved raising of funds, by issue of NCDs, bonds and/or other debt securities on a private placement basis, in one or more tranches, for an amount not exceeding Rs 2,000 crore.
The company recently increased its stake in equity share capital of Godrej Home Constructions (GHCL) from 74% to 100% for a total considerations of Rs 14.98 crore.