Godrej Properties seeks shareholder nod to invest Rs 565 crore
Feb 06, 2014
Source : The Economic Times


DELHI: Godrej Properties LtdBSE 1.19 % has sought shareholders' approval to invest up to Rs 565 crore in its subsidiaries that are executing realty projects.

In a filing to the BSE, it has sought shareholders approval of 6 special resolutions through postal ballots.

The investments in the subsidiaries/SPVs could be in the form of purchase of securities or debt or guarantee in connection with loan provided by some other persons or entities.

The realty arm of the Godrej Group plans to develop a project at Mundhwa, Pune, through a special purpose vehicle. It has proposed to invest up to Rs 100 crore in this SPV from internal accruals and borrowed funds.

It also plans to invest up to Rs 100 crore in another project at village Khanawale, Panvel and village Talegaon, Khalapur to be developed through a special purpose vehicle.

In another proposal, Godrej Properties sought the nod of shareholders to invest up to Rs 45 crore in an upcoming project at Kanchipuram District, Tamilnadu.

That apart, it has sought approval for pumping in up to Rs 70 crore in a project to be developed near Bengaluru International Airport.

Godrej Properties has also sought nod for an additional investment of upto Rs 200 crore in an ongoing project at Kolkata. In May 2010, shareholders had approved Rs 250 crore investment in the subsidiary Happy Highrises constructing this project.

The company has proposed to make an additional investment of up to Rs 50 crore in an ongoing project at Bengaluru. Shareholders had in June 2013 approved an investment of Rs 200 crore in Godrej Buildwell, which is developing this project.

Godrej Properties had reported 6 per cent increase in consolidated net profit to Rs 37.46 crore for the third quarter ended December 31, as against Rs 35.47 crore in the year-ago period.

However, total income declined by 5 per cent to Rs 253.9 crore during the third quarter of 2013-14 fiscal as compared to Rs 267.8 crore during October-December, 2012-13.

Godrej Properties is developing residential, commercial and township projects spread across 89.7 million sq ft in 12 cities.



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