Construction Industry News
Godrej Properties has successfully raised Rs 11.60 billion through the issuance of non-convertible bonds (NCDs) on a private placement basis, as reported in a BSE filing.
The Board of Directors of Godrej Properties has authorised the allocation of two series of bonds: Series I bonds, consisting of 1,00,000 listed non-convertible bonds with a nominal value of Rs. 0.1 million each, amounting to Rs. 10 billion, and Series II bonds, consisting of 16,000 listed non-convertible non-convertible bonds with a nominal value of Rs 0.1 million each, together Rs. 1.60 billion, allocated to identified investors via private placement.
The Rs 10 billion NCDs consist of a base issue of Rs. 40,000 rated on listed non-convertible non-convertible bonds with a nominal value of Rs. 0.1 million each, totaling Rs. 4 billion, and a green shoe option of Rs. 60,000 with a rating of unlisted convertible non-convertible bonds with a nominal value of Rs 0.1 million each, together up to Rs 6 billion. These NCDs offer a fixed coupon rate of 8.3% per annum, with an expiration date of March 19, 2027.
In addition, the Rs. 5 billion NCDs include a base issue of 10,000 listed non-convertible bonds with a nominal value of Rs 0.1 million each, representing Rs 1 billion, and a green shoe option of 40,000 listed non-convertible bonds with a nominal value of Rs 0.1 million each, totalling Rs 4 billion. These NCDs offer a fixed coupon rate of 8.5% per annum, with an expiration date of September 20, 2028.
Both series of bonds have received favourable ratings, with ICRA assigning AA+ (Stable) ratings and India Ratings assigning IND AA+/Stable ratings.
