Godrej Properties raises Rs 11.60 Bn

Godrej Properties has successfully raised Rs 11.60 billion through the issuance of non-convertible debentures (NCDs) on a private placement basis, as reported in a BSE filing.

The board of directors of Godrej Properties authorised the allotment of two series of debentures: series I debentures, consisting of 1,00,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs. 0.1 million each, amounting to Rs. 10 billion, and series II debentures, comprising 16,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs 0.1 million each, aggregating to Rs. 1.60 billion, allotted to identified investors through private placement.

The Rs 10 billion NCDs consist of a base issue of Rs. 40,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs. 0.1 million each, totalling Rs 4 billion, and a green shoe option of Rs. 60,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs 0.1 million each, aggregating to Rs 6 billion. These NCDs offer a fixed coupon rate of 8.3% per annum, with a maturity date of March 19, 2027.

Additionally, the Rs. 5 billion NCDs comprise a base issue of 10,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs 0.1 million each, amounting to Rs 1 billion, and a green shoe option of 40,000 rated listed unsecured redeemable non-convertible debentures with a face value of Rs 0.1 million each, totalling Rs 4 billion. These NCDs offer a fixed coupon rate of 8.5% per annum, with a maturity date of September 20, 2028.

Both series of debentures have received favourable ratings, with ICRA assigning [ICRA] AA+ (Stable) ratings and India Ratings awarding IND AA+/Stable ratings.