Godrej Properties To Mop Up Debt Of Rs 1 000 Crore For Its Upcoming Projects (26-Aug-2010)
In a bid to increase investment for the 90 million square foot business across 25-30 projects, Mumbai-based Godrej Properties, one of the leading real estate development companies in India is planning to mop up Rs 1,000 crore of debt through qualified institutional placement (QIP) in the next 18-24 months.
Earlier in the month of January this year, the company had raised about Rs 550 crore through an initial public offering (IPO). Godrej Properties’ net profit had zoomed by 653.19% to Rs 22.43 crore for the quarter ended June 30, 2010 from Rs 2.98 crore for the quarter ended June 30, 2009. Its total income had surged by 135.04% to Rs 41.21 crore for the quarter ended June 30, 2010 from Rs 17.53 crore for the quarter ended June 30, 2009.
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