Macrotech Developers Ltd, (formerly Lodha Developers Ltd.) proposes to raise ₹2,500 crore via an initial public offering.
The issue will open on April 7 at price band of ₹483 – ₹486 per equity share of face value of ₹10 each. The issue will close on April 9.
The company proposes to utilise the proceeds for reduction of aggregate outstanding borrowings amounting up to ₹1,500 crore, acquisition of land or land developmental rights aggregating up to ₹375 crore and the balance for general corporate purposes.
Abhishek Lodha, managing director, said the company would focus on affordable and mid-income housing for which there was tremendous demand.
He said the company’s debt which was ₹16,700 crore as on December, would reduce to ₹12,700 crore post the IPO.
Mr. Lodha said the money was borrowed to complete ongoing projects for timely delivery.
The firm has 54 ongoing and planned projects with approximately 73.8 million square feet of developable area.
Macrotech Developers has land reserves of approximately 3,803 acres in Mumbai Metropolitan Region.
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