Godrej Properties board to meet on October 1 to discuss fund raising through issue of securities

Godrej Properties said that its board will meet on Oct 1 to discuss the proposal to raise funds through the issue of securities

Listed real estate developer Godrej Properties on September 26 said that its board will meet on October 1, 2024, to consider a proposal to raise funds through the issue of securities.

Godrej Properties on September 26 said that its board will meet on October 1, 2024, to consider a proposal to raise funds. (Picture for representational purposes only) (Abhijit Bhatlekar/ Mint)

It did not disclose the amount it wants to raise.

"We wish to inform you that a meeting of the board of directors of the Company is scheduled to be held on Tuesday, October 1, 2024, inter alia, to discuss and consider the proposal to raise funds," the company said in a regulatory filing.

The company added that the fund raising will be discussed by way of issue of equity shares, or any other eligible securities and/ or instruments, through public and/ or private offerings including qualified institutions placements, preferential issue, rights issue, further public offer or any other permissible method that may be considered appropriate and permitted in accordance with the applicable laws.

Godrej Properties is headquartered in Mumbai but has several projects across the country in cities like Delhi-NCR, Pune, Bengaluru, Hyderabad among several other tier-2 cities like Nagpur and Indore.

The company on July 31 reported a consolidated net profit of ₹520 crore in the first quarter of this fiscal year and clocked a 316% increase from ₹124 crore in the same period during last year.

The company's pre sales booking in Q1FY25 stood at ₹8,637 crore as against ₹2,254 crore in the year-ago period. Its total income grew to ₹1,699 from ₹1,265 crore.

GPL recorded the highest quarterly booking value and volume amongst listed developers in India for the second consecutive quarter, the company said in a regulatory filing.

The company's collections stood at ₹3,012 crore for Q1 FY25, a Year-on-Year (YoY) growth of 54%. Overall, India's 21 major listed real estate developers reported pre sales of ₹35,000 crore during the Q1FY25 with Godrej Properties reporting highest sale bookings.