MUMBAI: Godrej Properties, the real estate arm of India’s Godrej Industries, plans to enter the corporate bond market later this month with its largest issuance to date, according to three sources familiar with the matter.
The company is expected to raise approximately 20 billion rupees ($230 million) by selling short-duration bonds with a maturity between three to five years, the sources revealed last week.
“The firm may seek to enter the market following the central bank’s monetary policy decision this week, anticipating further easing of yields,” one source mentioned.
All sources spoke on the condition of anonymity due to the private nature of the discussions. Godrej Properties did not respond to a Reuters inquiry for comment.
The bonds will be rated ‘AA+’, marking the company’s first bond issuance in nearly a year. Last September, the firm raised around 650 million rupees by issuing five-year bonds with an annual coupon rate of 8.50%.
Since September 2023, Godrej Properties has borrowed 25 billion rupees through bonds. With this upcoming issuance, the company’s total outstanding bonds will reach 45 billion rupees.
Recently, the Mumbai-based firm acquired about 50 acres of land to develop premium plotted residential units in Chhattisgarh.
