Godrej Properties Ltd. on Wednesday approved raising Rs 6,000 crore via debt and equity. The additional fund may be raised through the issuance of securities through public and private offerings, including qualified institutional placement or a mixture of both, the company said in an exchange filing.
The residential and commercial projects company had said on Sept. 26 that its board will meet on Oct. 1 to consider a proposal to raise funds through the issue of securities.
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 the Hyderabad market recently.
Godrej Properties Share Price
Godrej Properties' stock rose as much as 1.87% during the day to Rs 3,220 apiece on NSE. It pared gains to trade 0.82% higher at Rs 3,186.9 apiece, compared to a 0.05% advance in the benchmark Nifty 50 as of 12:15 a.m.
The scrip has risen 104% in the last 12 months and 58% on a year-to-date basis. The relative strength index was at 60.
Thirteen of the 20 analysts tracking the company have a 'buy' rating on the stock, two suggest a 'hold' and five have a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 2.4%.
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