Separately, the company on Saturday (June 24) had announced the enhancement in the commercial paper (CP) limits to Rs 2,000 crore from Rs 1,750 crore by ICRA and CRISIL.

Additionally, ICRA has assigned long-term rating of "AA+ (stable)" for fresh non-convertible debenture (NCD) of Rs 2,000 crore.

Further, the ratings on the debt instruments of Godrej Properties had been reaffirmed/assigned at "[ICRA] A1+” and "CRISIL A1+”, respectively, by the aforementioned credit rating agencies.

Godrej Properties (GPL) is the real estate arm of the Godrej Group. In FY 2021, GPL emerged as the largest developer in India by the value and volume of residential sales achieved.

The company reported 58% rise in consolidated net profit to Rs 412.14 crore on 23.72% increase revenue from operations to Rs 1,646.27 crore in Q4 FY23 over Q4 FY22.

The scrip rose 0.54% to currently trade at Rs 1,507.50 on the NSE.