Macrotech Developers to Raise Rs 125 Crore through Debentures

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    Real estate company Macrotech Developers Ltd announced plans to raise Rs 125 crore by issuing non-convertible debentures (NCDs). Macrotech Developers, known for selling properties under the Lodha brand, is a major real estate developer in India.

    According to a recent filing with regulators, the executive committee of Macrotech Developers’ Board of Directors approved the issuance of 12,500 NCDs, each worth Rs 1 lakh, totaling Rs 125 crore.

    In another filing, the company revealed the acquisition of 50% of the paid-up equity capital and other securities of Siddhivinayak Realties Pvt Ltd through a share purchase agreement (SPA). This acquisition was made by a wholly-owned subsidiary of Macrotech Developers.

    The company stated, “Siddhivinayak Realties Pvt Ltd holds certain rights over land that are relevant to our business.”

    Earlier, Macrotech Developers raised Rs 3,300 crore by selling shares to institutional investors through a Qualified Institutional Placement (QIP). The QIP was oversubscribed nearly three times and attracted various long-term investors, including sovereign funds, pension funds, and insurers.

    Source: ET Realty

    Also read: NBCC Sells Commercial Space Worth Rs 1,905 Cr at World Trade Centre, Delhi

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