Lodhas Repay Rs. 825 Crore debt raised through Non-Convertible Debentures
Famed realty developer, the Lodha group has repaid the debt it took in early 2012. The debt was taken by issuing Non-Convertible Debentures (NCDs) in the early 2012. Many retail investors and large institutions including Citigroup, Kotak Mahindra Bank and Deutsche Bank formed a consortium to invest in these privately-placed debentures.
Abhinandan Lodha, deputy Managing Director of the Lodha Group said on repaying the debt “We have paid the last set of our NCDs from internal accruals and surplus generated through sales at our ongoing projects. In the past 18 months, we have generated sales worth Rs 13,000 crore through these projects.”
The exercise to raise Rs. 825 Crores, back in 2012, through NCDs was one of the largest fund raising events by a real estate developer in the backdrop of sluggish sales and grim atmosphere. Even today, unaffordable property prices are making it impossible for a common man to buy property and thus, leading to a liquidity crunch in the market for the developers.
Abhinandan Lodha, Citigroup, Deutsche Bank, Kotak Mahindra Bank, Lodha Group, Non-Convertible Debentures, Rs 825 Crores
