Godrej Properties to raise Rs.500-600 crore to reduce debtFebruary 10th, 2012 - 9:36 pm ICT by IANS
Chennai, Feb 10 (IANS) Godrej Properties Ltd, the real estate arm of the Godrej Group, plans to raise Rs.500-600 crore through the institutional placement programme (IPP) soon to reduce its debt burden and is also looking at private equity investors, a senior company official said Friday.
Speaking to reporters here, executive director Pirojsha Godrej said: “The company is planning to raise Rs.500-600 crore from IPP this quarter or next. This will reduce our debt which is currently at Rs.2,000 crore.”
He said the Godrej Properties will also be looking at roping in private equity players for individual projects in order to reduce the debt component in the project cost.
The promoters would like to bring their holdings to 75 percent from the current 84 percent and comply with the Securities and Exchange Board of India (SEBI) regulations.
According to Godrej, the company is looking at developing more real estate projects in the 12 cities where it is already present like Mumbai, Delhi, Chennai and Bangalore.
Godrej Properties is developing around 75 million square feet of property with varying completion time frame.
Godrej Properties Friday launched its first premium residential project Godrej Palm Grove here.
The project spread across 12.5 acres consist of 16 and 19 storey towers with a total of 1,556 apartments is developed in joint venture with Addison & Co Ltd.
The project offers amenities like a 22,500 sq. ft club house, a swimming pool, a well equipped gymnasium, a squash court, a tennis court, a skating rink, a central plaza, intercom connectivity, a department store, reticulated piped cooking gas, a meditation center and a party hall.
- Godrej Properties plans residential project near Chennai - Dec 07, 2009
- Constant rate hikes have further burdened realty industry (Comment) - Aug 03, 2011
- NTPC's third quarter net falls 10.16 percent - Jan 27, 2012
- Macquarie SBI, SBI to invest Rs.125 crore in Adhunik power unit - Aug 09, 2010
- Reliance MediaWorks to raise Rs.600 crore through rights issue - Jul 25, 2012
- HAL awaits government nod to go public soon - Feb 10, 2011
- Haryana clears 28 projects worth Rs.2,500 crore - Mar 21, 2011
- CESC plans to raise Rs.1,200 crore in equity - Dec 07, 2010
- L&T; achieves financial closure for Hyderabad Metro Rail (Lead) - Apr 05, 2011
- Rahi venture begins Gulbarga airport project - Aug 11, 2011
- Dunlop board allots shares to convert loan into equity - Apr 29, 2012
- Air India seeks long-term convertion of loans - May 20, 2011
- L&T; achieves financial closure for Hyderabad metro - Apr 05, 2011
- Chennai-Ennore Port road project to be done next year: Vasan - Jun 29, 2012
- BGR Energy cuts capex for JVs with Hitachi - Aug 09, 2012
Tags: completion time, crore, debt burden, estate projects, exchange board, godrej group, godrej properties, institutional placement, meditation center, mumbai delhi, palm grove, private equity investors, properties ltd, residential project, rs 2, sebi regulations, securities and exchange board of india, skating rink, squash court, storey towers