The board of directors of Godrej Properties Limited on Wednesday approved the allotment of Series I and Series II Debentures worth Rs 1,160 crore, the company announced through an exchange filing.
Series I Debentures
The company will issue 1,00,000 rated listed unsecured redeemable series I non-convertible debentures with a face value of Rs 1 lakh aggregating to Rs 1,000 crore. The series I NCDs will be listed on the wholesale debt markets segment of BSE on private placement. The NCDs will have a tenor of three years and six months and will mature on March 19, 2027.
The NCDs will have a fixed rate coupon of 8.30 per cent p.a. with an annual interest payment and bullet repayment at the end of the maturity period. The series I debenture were rated [ICRA] AA+ (Stable) by ICRA Limited and IND AA+/Stable by India Ratings and Research Private Limited.
Series II Debentures
Godrej Properties will issue 16,000 rated listed unsecured redeemable NCDs with a face value of Rs 1,00,000 aggregating to Rs 160 crore. Like the series I the debentures will be listed on the wholesale debt market segment of BSE. The tenor for the NCDs has been set to five years and will mature on September 20, 2028.
The company offers a coupon of 8.50 per cent p.a. on the series II debentures with interest to be paid annually and a bullet repayment at the end of the maturity period. The debentures were given a rating of [ICRA] AA+ (Stable) by ICRA Limited and IND AA+/Stable by India Ratings and Research Private Limited.
