Lodha Group raises Rs.540 cr through NCDs

Lodha Group has raised about Rs 540 crore from Kotak Realty Fund through a private placement of five-year non-convertible debentures. The funds will be used for the construction of one of the phases of Lodha´s township project, Palava City. The issue was concluded just before the developer´s $350 mn offshore bond sale. The proceeds from the dollar bond issue will be used for refinancing. The group is currently developing an estimated 43 mn sq ft of real estate projects. Contact: Lodha Group. Tel: 022-2302 4400. Website: www.lodhagroup.com