Godrej Properties, a significant participant in India's real estate market, has announced plans to explore various funding possibilities. The company's board of directors is set to meet on October 1 to examine prospective fundraising initiatives.
According to a regulatory filing, the board will consider a variety of fundraising strategies, including issuing equity shares and other suitable instruments. The corporation is evaluating many options, including public offers, private placements, and rights issues.
At 1:06 pm on September 26, Godrej Properties' share price fell 1.75 percent to ₹3,269.30 on the BSE. Godrej Properties has a market capitalization of ₹90,906.85 crore, according to NSE. Godrej Properties' stock price reached a 52-week high of ₹3,402.70 on July 16, 2024, according per NSE data.
While the exact sum to be hiked is unknown, the decision follows Godrej Properties' strong success in the previous fiscal year. In 2023-24, the company's sales bookings increased by 84% to a new high of ₹22,527 crore.
Godrej Properties has a substantial presence in important areas throughout India, including Delhi-NCR, Mumbai Metropolitan Region, Pune, and Bengaluru. Recently, the firm extended into Hyderabad.
The first quarter of the current fiscal year has showed positive results, with sales bookings jumping to ₹8,637 crore, virtually quadrupling from ₹2,254 crore last year. The business aims to generate ₹27,000 crore in sales bookings for the current fiscal year.
Godrej Properties' stock has increased significantly over the last year, more than tripling in value. Since the beginning of the year, the stock has risen by almost 62%, bringing the company's market capitalization over ₹91,000 crore. This performance has significantly outperformed the NSE Nifty 50 index, which has risen 33% over the last year and 20% since January.
