ICRA enhances Godrej Properties rated bank limits to INR 4,500 from INR 2,500 crores

Mr Mohit Malhotra-MD & CEO-Godrej Properties Ltd

Mr Mohit Malhotra, MD & CEO, Godrej Properties Ltd

Mumbai, September 16, 2022: Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced the enhancement in the rated bank limits to INR 4,500 from INR 2,500 crores by ICRA.

Highlights: 

Credit Rating Limits for bank facilities enhanced to INR 4,500 crore from INR 2,500. Rating reaffirmed at [ICRA]AA+/[ICRA]A1+. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. 

Rating for INR 1,500 Crore Commercial Paper (CP) reaffirmed at [ICRA]A1+. Instruments with [ICRA]A1+ rating are considered to have very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. 

Long –term rating for INR 1,000 crore NCD Borrowing Program reaffirmed at [ICRA]AA+. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

 

Instrument Amount

(Rs. in crore)

Ratings Rating Actions
Long/Short Term –

Fund-based/Non fund based

 

4,500 [ICRA]AA+(Stable)

(long-term rating)

 

[ICRA]A1+

(short-term rating)

Reaffirmed/assigned the ratings for the enhanced limit of INR 4,500 crore from INR 2,500 crore
Non-Convertible

Debenture Program

1,000 [ICRA]AA+ (Stable) Reaffirmed
Commercial Paper 1,500 [ICRA]A1+ Reaffirmed

 

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