Mumbai: Godrej properties have decided to launch rights issue to raise Rs 700 crore to support its growth capital requirement. The rights issue will most likely to be launched in the second quarter of the year. Godrej Group will launch around 15 projects across the country under the right issue.The pricing and entitlement ratio for the rights issue will be decided by the group. The main aim of the company behind the rights issue is to lower the ratio of debt-equity approximately above 1:1. Godrej property might also plan on stock split and it will split Rs 10 face values into two. The Group assured that the promoter’s stake will not be diluted after the right issue as they will be fully subscribed to their portion to maintain 75 per cent stake.Godrej have launched 8 new projects in the year 2012-13 out of which five are redevelopment projects. National Capital Region, Mumbai, Bangalore, Pune, Kolkata and Ahmedabad have witnessed 13 projects and phases of existing projects from the Godrej properties. The Company has decided to launch around 15-20 projects in the 2014 financial year.March net profit of the company was reported to be increased by 34 per cent to Rs 53.2 crore, but the total income observed reduction of 11 per cent. Godrej group has recently increased its investment of residential development with the APG to Rs 1,073 crore. Whereas company registered booking valued at Rs 602 crore during the financial quarter of current year.