Godrej Properties, realty major is planning to reduce debt of Rs 525 crore by issuing Rs 700 crore rights issue in September. It will utilize Rs 525 crore from the net proceeds towards repayment of certain loans availed by the company and its subsidiaries. The company had gross debt of about Rs 1,700 crore, at the end of 2012-13 fiscal. This will be the third major fund-raising exercise by the Godrej Properties.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.