Lodha Group, which is known to be one of India’s largest property developers, is looking to raise about $210 million by selling bonds to meet its debt repayment obligations due early next year, as per media reports.
The group, which has renamed itself as Macrotech Developers Ltd, has been reaching out to overseas investors, including several existing ones, to raise funds, two people directly aware of the ongoing discussions said on condition of anonymity, as per media report.
Lodha Group is looking to raise close to Rs 1,500 crore ($210.4 million at current exchange rate) through monetisation of its two commercial assets to reduce its debt, which is currently about Rs 16,000 crore, a top executive told The Economic Times as per media report.
Lodha Xperia Mall in Palava City, Mumbai Metropolitan Region (MMR) and its under-construction commercial portfolio of around 9 million square feet at locations including Thane, Lower Parel, Prabhadevi and Andheri are the two identified assets, the executive said.
According to the report, the company on Tuesday sold a commercial tower in its Wadala project New Cuffe Parade to a consortium led by Singapore-based Varde Partners and Tata Group for Rs 1,300 crore. In September, Lodha group was reportedly looking to sell about 700,000 square feet office space in Wadala, Mumbai to Singapore-based Varde Partners for Rs 1,100 crore ($155 million then) .
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