Macrotech Developers to issue NCDs to raise upto Rs250 crore

Macrotech Developers Ltd, a real estate company, announced on Monday that its board of directors has approved funding of up to Rs 250 crore through the issuance of non-convertible bonds. The intended use of funds from the proposed non-convertible bond offering (NCDs) by the company was not disclosed.

The Board of Directors approved “to raise funds by issuing listed, classified, secured, redeemable, convertible and non-convertible bonds of up to Rs 250 crore in one or more tranches on a private placement to eligible investors,” according to Macrotech Developers.

The developer is a Mumbai-based company that markets its properties under the popular Lodha brand.

Pune and Mumbai Metropolitan Market (MMR) both have a large presence from Macrotech Developers. The company has recently entered Bengaluru.

The company recently announced that its sales bookings for the April-June financial quarter increased nearly three times year-on-year to Rs 2,814 crore.

As compared to Rs 9,024 crore recorded in the previous financial year, Macrotech Developers has given a sales booking forecast of Rs 11,500 crore for the current fiscal year.

A capital-intensive real estate business, especially on the scale in which the company operates, the funds raised will help the company enter new markets and finance existing projects.

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