Lodha Dev files draft papers for Rs. 2,500-cr IPO
REVIVING its IPO plan for the third time, realty major Lodha Developers has filed draft papers with market regulator SEBI for its proposed initial public offering to raise around Rs 2,500 crore, according to sources.
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New Delhi: REVIVING its IPO plan for the third time, realty major Lodha Developers has filed draft papers with market regulator SEBI for its proposed initial public offering to raise around Rs 2,500 crore, according to sources.
Mumbai-based Lodha Developers Ltd, which has been renamed as Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) late on Tuesday. This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges.
The company had filed its DRHP for the first time in September 2009, to raise about Rs 2,800 crore. It had received Sebi's nod in January 2010 but later shelved the plan due to unfavourable market conditions post the global financial crisis.
In April 2018, Lodha Developers again filed the DRHP and got Sebi's approval in July 2018 to launch its IPO to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil. According to sources, Lodha Developers plans to raise around Rs 2,500 crore through its IPO with a dilution of 10 per cent stake.
