Realty firm Lodha Group's UK subsidiary has cleared its USD 325 million debt which was raised through issuance of bonds in 2015.
Lodha Developers International, a subsidiary of Mumbai-based Macrotech Developers (earlier Lodha Developers), has paid USD 345 million (Rs 2,550 crore), including USD 20 million as interest, to clear its debt.
Lodha International has completed all requirements and payments for the redemption of its March 2020 US dollar bonds in full along with accrued interest, a company statement said.
To repay its bond, the company has recently raised USD 225 million (Rs 1,650 crore) in senior secured notes with maturity in 2023. In February, it had raised 86 million pounds (Rs 800 crore).
The bond-issue opened on February 27. The bonds will be listed on the Singapore exchange.
Abhishek Lodha, MD & CEO, Macrotech Developers, said: "We were always confident of being able to meet our USD 325 million bond repayment obligations and have completed all requirements and payments for the bond to be repaid in full along with accrued interest."
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