ICRA upgrades the long term borrowing programs of Godrej Properties Ltd

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India's leading real estate developers, today announced the upgrades in the credit rating for its financial instruments by ICRA.

Long-term Rating for INR 2,500 crore bank facilities of Godrej Properties upgraded to [ICRA] AA+(Stable). The short-term rating has been reaffirmed at [ICRA]A1+. 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.

Rating for INR 1,000 crore NCD upgraded to [ICRA] AA+(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.

Rating for INR 1,500 Crore Commercial Paper (CP) of Godrej Properties Limited has been reaffirmed to [ICRA]A1+(Stable).

[ICRA]A1+ ratings are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.

Shares of Godrej Properties Limited was last trading in BSE at Rs. 1507.75 as compared to the previous close of Rs. 1459.15. The total number of shares traded during the day was 29354 in over 2350 trades.

The stock hit an intraday high of Rs. 1514.65 and intraday low of 1470.05. The net turnover during the day was Rs. 43820998.00.

Source : Equity Bulls

Keywords

GodrejProperties INE484J01027 RatingUpgrade FinancialInstruments