Macrotech Developers redeems offshore bonds worth $170 mn

17 Mar 2022 CW Team

Lodha Group, a real estate conglomerate listed as Macrotech Developers, has redeemed offshore bonds worth $170 million. The company paid off this debt nearly a year before the scheduled maturity of these bonds in March 2023.

The notes that have been redeemed will be cancelled and removed from the Singapore Exchange Securities Trading Limited's (SGX) list. The developer said in a regulatory filing that the balanced Notes of $55,000,000 are still listed on the Singapore Exchange Securities Trading Ltd.

Lodha announced earlier this month that it would repay these offshore bonds in part on March 12.

These bonds are part of a $225 million debt raised by the developer's wholly-owned subsidiary Lodha Developers International Ltd, Mauritius, to fund two luxury residential projects in London: Grosvenor Square and Lincoln Square.

Macrotech Developers formerly Lodha Developers is an Indian multinational real estate company with headquarters in Mumbai, India. Mangal Prabhat Lodha founded it in 1980. In Mumbai, Thane, Hyderabad, Pune, and London, it has built residential and commercial properties. Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai, and Lodha Park are just a few of the company's notable projects. Palava, an integrated smart city near Mumbai, is also credited to the company. On April 19, 2021, the company was renamed Macrotech Developers.

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Also read: Macrotech Developers to refinance debt up to Rs 2,500 cr by March

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