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Lodha Developers revives IPO plans; files draft papers with SEBI to raise Rs 2500cr

·2-min read

New Delhi, Feb 17 (PTI) Realty major Lodha Developers has filed draft papers with market regulator SEBI to launch its initial public offer (IPO) to raise around Rs 2,500 crore mainly for reducing debt and land acquisition, according to sources.

Mumbai-based Lodha Developers Ltd, which has been renamed as Macrotech Developers Ltd, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) late on Tuesday.

This would be the third attempt by Lodha Developers to launch a public issue and list its shares on stock exchanges.

The company had filed its DRHP for the first time in September 2009 to raise about Rs 2,800 crore. It had received SEBI's nod in January 2010, but later shelved the plan due to unfavourable market conditions post the global financial crisis.

In April 2018, Lodha Developers again filed the DRHP and got SEBI's approval in July 2018 to launch its IPO to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil.

According to the DRHP, Lodha Developers plans to issue shares up to Rs 2,500 crore through its public issue. The company plans to utilise Rs 1,500 crore for reduction of the aggregate outstanding borrowing and Rs 375 crore for acquisition of land or land development rights.

The company may raise up to Rs 500 crore through pre-IPO placement of equity shares, the DRHP said.

The privately-held Lodha Group, which was founded in 1995 by Mangal Prabhat Lodha, is a leading player in the Indian real estate market. It has presence in Mumbai, Pune, and London.

Lodha Group is the country's largest residential real estate developer by sales bookings. The company clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore.

The group had forayed into the London realty market in 2013 and acquired two prime sites in central London for an investment of about 400 million pounds (around Rs 4,038 crore). PTI MJH MR