Realty firm Godrej Properties on Thursday said its board will meet on Oct. 1 to consider a proposal to raise funds through the issue of securities. The company did not disclose the amount it wants to raise.
In a regulatory filing, Godrej Properties informed that a meeting of the board of directors is scheduled to be held on Oct. 1 to discuss and consider the proposal to raise funds by way of the issue of equity shares, or any other eligible securities and/or instruments.
The issue of securities could be through public and/or private offerings, including qualified institution placements, preferential issues, rights issues, further public offers or any other permissible method.
Godrej Properties is one of the leading developers in the country. It has a major presence in Delhi-NCR, Mumbai Metropolitan Region, Pune and Bengaluru. It has entered into Hyderabad market recently.
In the last fiscal, the company's sales bookings jumped 84% to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24.
It has set a target of achieving Rs 27,000 crore worth of sales bookings.
Already, Godrej Properties' sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal against Rs 2,254 crore in the year-ago period.
Shares of Godrej Properties was trading 0.55% lower at Rs 3,309.20 apiece, compared to a 0.92% advance in the benchmark Nifty 50 as of 3:04 p.m.
It has fallen 109.81% in the last 12 months and fallen 63.83% on a year-to-date basis. The relative strength index was at 49.04.
Twelve out of the 20 analysts tracking the company has a 'buy' rating on the stock, three suggest a 'hold' and five suggest a 'sell', according to Bloomberg data.
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