Godrej Properties announces Rs 10 dividend, key board changes for FY26

Godrej Properties Ltd announced a Rs 10 per share dividend for FY26, with the record date set for July 28, 2026. Nadir Godrej will retire from the board after the AGM on August 4. The company also plans to raise up to Rs 3,000 crore.

Godrej Properties Ltd on Monday announced key board-level changes alongside a dividend recommendation for shareholders, following the outcome of its Board meeting held earlier in the day. The company said its Board has "recommended dividend of Rs 10 per equity share (200%) of the face value of Rs 5 each for the financial year ended March 31, 2026," subject to shareholder approval at the upcoming Annual General Meeting (AGM).According to the exchange filing, the 41st AGM is scheduled to be held on August 4 this year. The company has fixed July 28, 2026, as the record date to determine eligible shareholders. It added that "the dividend, as recommended by the Board of Directors and if declared at the ensuing Annual General Meeting, will be paid to eligible shareholders before Thursday, September 03, 2026."

Boardroom Development: Nadir Godrej to Retire

In a significant boardroom development, the company also took note of the retirement of Nadir Godrej from its Board. The filing stated that the Nomination and Remuneration Committee and the Board "took note of the letter received from Mr. Nadir Godrej to retire and step down as the Non-Executive Non-Independent Director of the Company" effective from the conclusion of the upcoming AGM.Nadir Godrej, in his letter to the Board, cited age as the reason for stepping down. "I will turn 75 in August 2026. I am writing to share with you my intent to step down... effective from conclusion of 41st Annual General Meeting," he said. He further noted, "It has been a privilege to serve GPL... I am very confident that our leadership team will continue to build forward and create even more sustainable, long-term value for our stakeholders."The Board acknowledged his contribution, placing "on record their highest appreciation for the guidance, growth, support and strategic directions provided by Mr. Nadir Godrej during his tenure as Director of the Company."

Fundraising Plans

Additionally, the Board approved an enabling resolution to raise funds through debt instruments. The company said it may raise up to Rs 3,000 crore via "Non-Convertible Debentures, Bonds and/ or other Debt Securities on a private placement basis, in one or more tranches." It added that a Committee of Directors has been authorised to decide on key aspects of such issuances, including "the quantum, timing and terms and conditions thereof." (ANI)(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)