Godrej Properties Eyes Fundraising as Shares Drop – Big Moves Ahead for Real Estate Giant

Godrej Properties, a major name in India’s real estate industry, has announced plans to explore ways to raise funds. The company’s board of directors will meet on October 1 to discuss different fundraising options.

In a regulatory update, the company said its board will consider various methods such as issuing new equity shares and other securities. They are looking at options like public offerings, private placements, and rights issues to raise money.

On September 26, Godrej Properties’ shares were down by 1.75%, trading at ₹3,269.30 on the BSE at 1:06 pm. The company’s market value stands at ₹90,906.85 crore, according to the NSE. The stock hit its 52-week high of ₹3,402.70 on July 16, 2024.

Although the company hasn’t revealed how much it plans to raise, the decision comes after a stellar year of growth. In 2023-24, Godrej Properties saw an 84% jump in sales bookings, reaching a record ₹22,527 crore.

The company has a strong presence in key cities like Delhi-NCR, Mumbai, Pune, and Bengaluru, and has recently expanded into Hyderabad.

For the first quarter of the current fiscal year, Godrej Properties has already achieved impressive numbers, with sales bookings reaching ₹8,637 crore—nearly four times higher than the same period last year. The company has set a goal to hit ₹27,000 crore in sales bookings for this year.

Godrej Properties’ stock has more than doubled in value over the past year, with a 62% surge since the start of this year alone. Its market capitalization is now close to ₹91,000 crore, far outpacing the growth of the NSE Nifty 50 index, which has risen 33% in the past year and 20% since January.