Godrej Properties raises Rs 64.6 crore through debentures

Mumbai-based real estate developer Godrej Properties said on Tuesday that it has raised a sum of Rs 64.6 crore through a private placement of debentures. In a regulatory filing during market hours, the realty company reported the allotment of rated and listed unsecured non-convertible debentures (NCDs) on the same day with a face value of Rs 1 lakh each. 

The redeemable NCDs have a maturity date of September 10, 2029, the company said while sharing the terms of the GPL 8.5 per cent debenture issue. 

The NCDs have been allotted at a coupon rate of 8.50 per cent per annum.

The interest will be paid annually and upon maturity, according to the company. 

Godrej Properties (GODREJPROP) shares ended stronger by Rs 6.5, or 0.2 per cent, at Rs 2,878.4 apiece on BSE after the news. 

Godrej Properties Shares

As of Tuesday, Godrej Properties shares have rewarded investors with a return of 44 per cent, sharply outperforming a 15 per cent rise in the headline Nifty50 index.

What are NCDs? 

Non-convertible debentures are a type of debt instrument that enables companies to raise funds. NCDs can be traded on stock exchanges. 

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