Macrotech Developers to issue NCDs to raise upto Rs250 crore

30 Aug 2022 , 08:00 AM

Macrotech Developers Ltd, a real estate company, announced on Monday that its board has approved funding up to Rs250 crore through the issuing of non-convertible debentures. The intended use of the funds from the proposed Non-Convertible Debentures (NCDs) offering was not disclosed by the corporation.

The board of directors has approved “raising funds by way of issuance of listed, rated, secured, redeemable, transferable, non-convertible debentures up to Rs250 crore in one or more tranches on a private placement to eligible investors,” according to Macrotech Developers.

The developer is a Mumbai-based company that markets its properties under the well-recognized Lodha brand.

The Pune market and the Mumbai Metropolitan Region (MMR) both have a significant presence from Macrotech Developers. The business recently entered Bengaluru.

Recently, the business announced that its sales bookings for the April-June fiscal quarter increased by almost three times on an annual basis, to Rs2,814 crore.

In comparison to the Rs9,024 crore recorded in the previous fiscal year, Macrotech Developers has provided a sales bookings projection of Rs11,500 crore for the current fiscal year.

The real estate business is extremely capital intensive, especially at the scale the company operates, the funds raised will help the company enter new markets and finance existing projects.

For feedback and suggestions, write to us at [e-mail]