On Wednesday Realty firm Godrej Properties said that it has raised Rs 1,160 crore through the issue of non-convertible debentures on a private placement basis.

The company said the allotment committee of the Board of Directors approved the allotment of the Non-Convertible Debentures (NCDs). In a regulatory filing.

Godrej Properties said the company has allotted one lakh rated listed unsecured redeemable NCDs of the face value of Rs 1,00,000 each, aggregating to Rs 1,000 crore.

For these series I NCDs, the maturity date is March 19, 2027 with a coupon rate of 8.3 per cent.

Separately, it has allotted 16,000 NCDs of face value of Rs 1 lakh each, aggregating to Rs 160 crore. For these Series II NCDs, the date of maturity is September 20, 2028 and the coupon rate is 8.5 per cent.

The interest for all NCDs will be paid annually.

The board had granted permission in August to raise money through the private placement of NCDs, bonds, and/or other debt securities in one or more tranches for a maximum of Rs 2,000 crore.

One of the top real estate developers in the nation is Godrej Properties, a division of the corporate behemoth Godrej Industries. For the development of residential developments, it primarily concentrates on the markets in the Delhi-NCR, Mumbai Metropolitan Region, Bengaluru, and Pune.

The company expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand.

Godrej Properties has reported a nearly three-fold jump in consolidated net profit at Rs 124.94 crore in the June quarter as against Rs 45.55 crore in the year-ago period.

According to a regulatory filing, total income during the quarter increased to Rs 1,265.98 crore from Rs 426.40 crore in the corresponding period of the previous year.

On the operational front, Godrej Properties’ sales bookings dropped by 11 per cent to Rs 2,254 crore in the quarter from Rs 2,520 crore in the year-ago period. In terms of volumes, sale bookings dropped 20 per cent to 2.25 million sq ft from 2.83 million sq ft.

The company delivered 4.9 million square feet area in the June quarter.

On Wednesday shares of this company closed 1.9% down at Rs. 1,590.45 on NSE.