Godrej Group real estate arm Godrej Properties plans to raise around Rs 700 crore through rights issue to fuel its growth plans. GPL Managing Director and Chief Executive Pirojsha Godrej said that the company has planned to raise around Rs 700 crore through rights issue mainly to fund growth plans. He said the issue was expected to be launched in the second quarter of this financial year 2013-14.
He added that despite challenging macro-economic environment and the real estate sector under-performing, the company has been able to achieve a significant growth in FY13. The company wants to keep up with this growth momentum and launch new projects in this fiscal year, Godrej said. GPL plans to launch nearly 15 projects, some of which may come up in Mumbai, Delhi NCR, Bangalore and later in Pune and Chennai.
The funds raised through the issue will be utilised for ongoing projects as well as new projects. It will give us good visibility to sustain performance, he added. Godrej further said though FY'13 was challenging, 2013-14 will be a better year both for the economic growth as well as for the sector.