Godrej Properties Unveils Boardroom Revamp Amid Dividend Declaration

Godrej Properties announced significant board changes and a proposed dividend at its recent meeting. Shareholders are promised a Rs 10 dividend per share, pending AGM approval. Nadir Godrej is set to retire as Non-Executive Director. The company may raise Rs 3,000 crore through debt instruments.

Godrej Properties Ltd has unveiled a series of major developments following its recent board meeting. In a significant move for shareholders, the company announced a proposed dividend of Rs 10 per share, contingent upon approval at the forthcoming Annual General Meeting (AGM).

This year's AGM, the 41st, is scheduled for August 4, with July 28 marked as the record date for determining eligible shareholders. If approved, the dividend will be distributed before September 3. The meeting also marked a pivotal transition, as the board acknowledged the impending retirement of Nadir Godrej from his position as Non-Executive Non-Independent Director, a position he will vacate at the AGM's conclusion.

In his retirement letter, Nadir Godrej, citing age upon reaching 75 in August, expressed intentions to step down, reflecting on his tenure with gratitude and optimistic about the future leadership's potential. Additionally, the board authorized an enabling resolution to raise up to Rs 3,000 crore through debt instruments, entrusting a Director's Committee to navigate the specifics of the issuance.