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Lodha Developers files draft papers with SEBI for Rs 2,500-cr IPO

The firm has revived its IPO plan for the third time

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Lodha Developers IPO | Lodha Developers

Press Trust of India  |  New Delhi 

When Lodha World Towers in Worli were announced around 2010, the prices here were expected to be Rs 7.50 crore to over Rs 100 crore. (LODHA WORLD TOWERS: Then Rs 7.5 cr onwards; Now Rs 7.2 cr onwards)
Representational image

Reviving its plan for the third time, realty major has filed draft papers with market regulator SEBI for its proposed initial public offering to raise around Rs 2,500 crore, according to sources.

Mumbai-based Ltd, which has been renamed as Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) late on Tuesday.

This would be the third attempt by to launch a public issue and list its shares on the stock exchanges.

The company had filed its DRHP for the first time in September 2009, to raise about Rs 2,800 crore. It had received Sebi's nod in January 2010, but later shelved the plan due to unfavourable market conditions post the global financial crisis.

In April 2018, Lodha Developers again filed the DRHP and got SEBI's approval in July 2018 to launch its to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil.

According to sources, Lodha Developers plans to raise around Rs 2,500 crore through its with a dilution of 10 per cent stake. The proceeds will be used to repay debt and development of projects.

A company spokesperson declined to comment.

The privately-held Lodha Group, which was founded in 1995 by Mangal Prabhat Lodha, is a leading player in the Indian real estate market. It has presence in Mumbai, Pune, and London.

Lodha Group is the country's largest residential real estate developer by sales bookings. The company clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore.

The group had forayed into the London realty market in 2013 and acquired two prime sites in central London for an investment of about 400 million pounds.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, February 17 2021. 14:32 IST
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