Promoters of Macrotech Developers repay Rs 1,596 cr debt to company

01 Jul 2021 CW Team

Macrotech Developers, also known as Lodha Group, has received Rs 1,596 crore which the company's promoters owed as debt.

On April 29, Rs 400 crore of this debt was repaid, including interest, while the remaining Rs 1,196 crore was repaid on Wednesday.

In a regulatory filing, the developer stated that the repayment, along with their IPO fund raise and continued organic free cash flow generation, are assisting the company in its deleveraging plans.

Lodha Group has set a goal of reducing net debt to Rs 10,000 crore by the end of the current financial year, and the developer is on track to meet that goal. The company's net debt was Rs 16,000 crore at the end of March, and it aims to be debt-free in three years.

To offer continuous deleveraging and parallel development, the firm intends to expand its capital-light growth strategy around low and mid-income housing, as well as digital infrastructure such as -- warehousing, data centres, and industrial parks.

The promoters of the company repaid the debt by raising funds through a long-term instrument with a maturity of more than three years and no repayment obligation prior to that.

The promoters have also informed the company that they will be able to deleverage in accordance with the minimum public shareholding obligations of reducing their holding to a maximum of 75% within three years of their initial public offering.

A portion of the promoter's shares in the company have been encumbered, but not pledged, as a result of the previously mentioned funding.

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Also read: Macrotech to double investment in construction in FY22

Also read: Macrotech Developers plan to invest Rs 2,800 cr on realty in FY22

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