India's Godrej Properties plans its largest-ever bond issue, sources say
The real estate developer is likely to raise around 20 billion rupees ($230 million) through the sale of shorter duration bonds, with a maturity of three to five years, the sources said last week.
"The company could look to tap the market after the central bank's monetary policy decision this week, in the hope that yields ease further," one of the sources said.
All the sources requested anonymity as the talks are private. Godrej Properties did not reply to a Reuters email seeking comment.
The bonds are rated 'AA+', and this will be the company's first bond issuance in nearly a year.
Last September, it had raised around 650 million rupees through the sale of five-year bonds at an annual coupon of 8.50%.
Godrej Properties has borrowed 25 billion rupees through bonds since September 2023. The upcoming sale would take its outstanding issuances to 45 billion rupees.
The Mumbai-based firm last month acquired around 50 acres of land for premium plotted residential units in the Indian state of Chhattisgarh.
($1 = 87.2300 Indian rupees)
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