Lodha's Macrotech seeks debt moratorium as sales tank 69%, reveals DRHP

However, it managed to bring down its debt by 25% to Rs 18,662 crore. Issue proceeds of Rs 2,500 cr IPO will be used mainly to prune debt by another Rs 1,500 crore

Macrotech Developers (earlier known as Lodha Developers) has said that it has availed of the Reserve Bank of India’s debt moratorium scheme following slowdown in the real estate sector due to Corona pandemic, which led to a 69 per cent fall in its sales for the first nine months of the current fiscal.

In its draft prospectus filed with the Sebi, Macrotech said following circulars issued by the RBI in relation to deferment of date of commencement of commercial operations (“DCCO”) for commercial real estate projects, it has applied to lenders for their approval to defer the DCCO for certain