Germany's Deutsche Bank has gained Rs 900 crore after exiting from a four-year investment in Mumbai-based builders Lodha Developers, the Indian company said.
Deutsche Bank was paid Rs 2,542 crore, 55% more than its investment of Rs 1,640 crore in late 2007, it said on Thursday.
A spokesman for Deutsche Bank in Mumbai declined comment.
Lodha funded Rs 1,720 crore of the repayment from cash generated through sales of residential units in its projects across Mumbai, including in its flagship 117-storey World One, which is expected to become the world's tallest residential tower.
The remainder was funded through issue of bonds.The company's debt has dropped by Rs 1,000 crore to Rs 3000 crore after the repayment to Deutsche Bank, Managing Director Abhisheck Lodha said.
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