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Godrej Properties is planning to raise INR 20 billion (USD 230 million) through its largest-ever corporate bond issue. The three- to five-year bonds will be issued shortly after the Reserve Bank of India's policy review, aiming to benefit from better market yields. This will push the company's total bond fundraising since September last year to INR 45 billion. The funds are likely to be used for land acquisitions and residential development, including a newly bought 50-acre plot in Chhattisgarh.
Godrej Properties is set to launch a corporate bond issue worth around INR 20 billion (USD 230 million), marking the company's largest debt fundraising in the bond market so far. The bonds will have a maturity of three to five years and carry a credit rating of AA+. Advertisement
The company is likely to issue the bonds after the Reserve Bank of India's monetary policy review, looking to benefit from any possible decline in interest rates. The move comes after a gap of nearly one year since Godrej Properties last raised money through bonds. That previous issue was in September last year, where it raised INR 650 million through five-year bonds carrying a coupon of 8.50% per annum.
Since then, the company has raised INR 25 billion through bonds. This new issue will increase the total to INR 45 billion. The company has been consistently raising funds over the past year to support its expansion plans.
Part of the fresh funds are expected to go towards land acquisition. Recently, the company acquired a 50-acre land parcel in Chhattisgarh for a premium plotted residential project. The upcoming bond issue is expected to support such new developments and strengthen the company's growth pipeline.
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