Regulatory Filings
Godrej Properties Redeems ₹750 Crore NCDs; ICRA Withdraws Rating After Full Repayment
NSE
Godrejprop
BSE
533150
Godrej Properties Limited informed the stock exchanges that ₹750 crore of Non-Convertible Debentures (NCDs) have been fully redeemed on maturity, following which ICRA Limited withdrew the credit rating assigned to the redeemed instrument. The company also stated that ICRA has reaffirmed all other existing credit ratings, with no change in ratings for its remaining debt instruments and bank facilities.
PRICE-SENSITIVE TRIGGER
Event: Withdrawal and Reaffirmation of Credit Ratings
Type: Regulatory Filings
Impact: Positive
Immediate Effect: The rating withdrawal relates solely to fully redeemed NCDs, while all other outstanding debt instruments continue to retain their existing credit ratings.
highlight:
- ₹750 crore NCDs fully redeemed; ICRA withdrew the associated [ICRA]AA+ (Stable) rating following redemption.
What Happened ?
Godrej Properties announced that its ₹750 crore Non-Convertible Debentures (ISIN INE484J08048) were fully repaid upon maturity on 3 July 2026. Following the redemption, ICRA withdrew the rating assigned to these debentures at the company’s request. Simultaneously, ICRA reaffirmed the ratings on the company’s remaining debt instruments and bank facilities, indicating no change in its overall credit assessment.
key details
Credit Rating Update:
- ₹750 crore Non-Convertible Debentures
- Fully redeemed on 3 July 2026.
- Previous Rating: [ICRA]AA+ (Stable).
- Rating Action: Withdrawn following full redemption.
- Existing / Proposed Non-Convertible Debentures
- Amount: ₹5,250 crore
- Rating: [ICRA]AA+ (Stable)
- Rating Action: Reaffirmed.
- Commercial Paper
- Amount: ₹3,500 crore
- Rating: [ICRA]A1+
- Rating Action: Reaffirmed.
- Long-Term / Short-Term Fund-Based & Non-Fund-Based Bank Facilities
- Amount: ₹11,000 crore
- Long-Term Rating: [ICRA]AA+ (Stable)
- Short-Term Rating: [ICRA]A1+
- Rating Action: Reaffirmed.
Note: The withdrawal reflects the full redemption of the specific NCD issue and does not represent a downgrade or deterioration in the company’s credit profile.
Risk Analysis
Summary:
- The filing primarily relates to debt servicing and credit rating administration. Since the redeemed debentures have been fully repaid and all other ratings remain unchanged, the disclosure does not indicate any adverse credit event.
Key Risks:
- Future credit ratings will depend on leverage, liquidity, and project execution.
- Real estate market conditions may influence financing requirements.
- Changes in interest rates could affect future borrowing costs.
- Rating outlooks may change if financial or operational metrics weaken.
Worst Case:
- Any deterioration in cash flows, leverage, or project execution could lead to future rating revisions, potentially increasing borrowing costs. However, the current filing contains no indication of such concerns.
Risk Level: Low
Company Commentary
- The company confirmed the successful redemption of ₹750 crore NCDs on their maturity date.
- ICRA withdrew the rating assigned to the redeemed debentures pursuant to their full repayment.
- Ratings on all other outstanding NCDs, commercial paper, and bank facilities have been reaffirmed without any change.
- The disclosure was made under Regulation 30 and Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Official Exchange Filing: Godrej Properties Limited
