Macrotech to cut debt to Rs. 12.7k cr post-IPO
REALTY major Macrotech Developers, erstwhile Lodha Developers, on Monday said it will reduce net debt by 24 per cent to Rs 12,700 crore post its initial public offer (IPO), which hits the capital market on Wednesday.
image for illustrative purpose
New Delhi: REALTY major Macrotech Developers, erstwhile Lodha Developers, on Monday said it will reduce net debt by 24 per cent to Rs 12,700 crore post its initial public offer (IPO), which hits the capital market on Wednesday.
Mumbai-based Macrotech Developers has sold properties worth Rs 50,000 crore in the last seven years (FY14 to FY20), making it the largest developer in terms of annual sales bookings, its managing director Abhishek Lodha told reporters in a virtual press conference.
The company will launch its IPO on April 7 to raise Rs 2,500 crore through a fresh issue of shares. The issue will close on April 9. The price band is Rs 483-486 per share. From IPO proceeds, Macrotech mainly proposes to reduce debt by up to Rs 1,500 crore and acquire land or land developmental rights aggregating up to Rs 375 crore.
Abhishek expressed confidence that its IPO will be successful given the response that the company has been receiving from domestic and global investors in pre-IPO road shows. This is the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges.
