Godrej Properties net debt rises to ₹7,572 crore in q2
Realty firm Godrej Properties' net debt rose 2% during the September quarter to ₹7,572 crore with the company focusing on land acquisition for future growth. Its net debt stood at ₹7,432 crore at the end of the June quarter, according to an investors' presentation.
Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. Godrej Properties plans to raise up to ₹6,000 crore through the issue of securities. The board had last month approved the proposal. The funds would be raised through the issuance of securities, including equity shares, debentures, preference shares, and/or any other eligible securities.
The fundraising could be in one or more tranches through public and/or private offerings, including qualified institutions placement, rights issue, further public offer or any other mode as may be permitted under applicable laws.
Godrej Properties has been actively purchasing land and also partnering with land owners to create a pipeline for future development of projects.
During the last fiscal year, the company's sales bookings jumped 84% to a record ₹22,527 crore, the highest among listed realty firms in 2023-24.
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