Macrotech arm Lodha prepays $170 mn debt out of total $225 million

Lodha Developers International Ltd, Mauritius has prepaid $170 million (approx. Rs 1,298 crore) of debt after recording better sales performances in its two projects in London.

Realty firm Macrotech Developers on Tuesday said its arm Lodha Developers International Ltd, Mauritius has prepaid USD 170 million (approx. Rs 1,298 crore) of debt after recording better sales performances in its two projects in London.

In a regulator filing, Macrotech informed that its wholly-owned subsidiary has redeemed "Notes of principal amount USD 170,000,000".

The redeemed Notes shall be cancelled and delisted from the Singapore Exchange Securities Trading Limited. The remaining Notes of USD 55,000,000 continue to be listed on the Singapore Exchange Securities Trading Ltd.

In January, Macrotech said that the USD 225 million bonds are likely to be repaid fully in the next four months from the sales proceeds, well in advance to their scheduled maturity of March 2023.

Macrotech Developers had achieved best-ever quarter of sales of 191 million pounds (around Rs 1,900 crore) in the quarter (Q3FY22).

The company, earlier named as Lodha Developers, had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London, from the Canadian government for over GBP 300 million (Rs 3,100 crore).

The group had acquired another site in prime Central London, New Court at 48 Carey Street for 90 million pounds in 2014.