Godrej Properties Ltd, a leading Indian real estate developer, announced today that its Board of Directors has approved plans to raise up to ₹6,000 crore through the issuance of various securities. The decision was made during a board meeting held on October 1, 2024.
The shares of Godrej Properties Ltd were trading at ₹3,189, up by ₹28.05 or 0.89 per cent on the NSE today at 12:11 pm.
The company plans to raise funds through multiple options, including equity shares, convertible debentures, and other convertible securities. The issuance may be conducted through public offerings, private placements, qualified institutional placements, or rights issues, subject to shareholder approval via postal ballot.
This move aims to strengthen Godrej Properties’ financial position and support its growth strategies. The board also approved a notice for a postal ballot to seek shareholder approval for the fundraising initiative.
The proposed fundraising is significant for the real estate sector, potentially indicating confidence in market conditions and expansion plans. Godrej Properties, listed on both the BSE and NSE, saw its board meeting conclude at 11 am after commencing at 10:30 am.