Lodha Developers files draft papers with SEBI for Rs 2,500-crore IPO
With a dilution of 10% stake, Lodha Developers plans to raise around Rs 2,500 crore through listing of its shares on the stock exchanges in next few months
- Feb 17, 2021,
- Updated Feb 17, 2021 4:34 PM IST
Mumbai-based realtor Macrotech Developers Ltd, or Lodha Developers, has filed draft papers with the capital market regulator, Securities and Exchange Board of India (SEBI) to raise Rs 2,500 crore via an initial public offering (IPO).
With a dilution of 10% stake, Lodha Developers plans to raise around Rs 2,500 crore through listing of its shares on the stock exchanges in next few months.
As per the draft red herring prospectus (DRHP) filed late Tuesday, net proceeds from the issue will be utilised for the reduction of aggregate outstanding borrowings of the company on a consolidated basis, acquisition of land or land development rights, and general corporate purposes.
The real estate development company's aggregate outstanding borrowings on a consolidated basis, stood at Rs 1,8662.19 crore, as of December 2020.
This will be the third time the Mumbai-based developer is proposing an IPO after attempting the same in 2009 and 2018 but deferred those plans due to unfavourable market conditions.
The company may decide to undertake a pre-IPO placement of Rs 500 crore subject to consultation with merchant bankers. Investment banking firms such as Axis Capital, ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, Yes Securities, Bank of Baroda Capital, and JP Morgan are the advisors for the IPO.
Meanwhile, the registrar to the Lodha Developers IPO is Link Intime India Private Ltd.
Founded in 1995, Lodha Group is one of India's largest real estate players by sales bookings, that develops real estate across the residential and commercial sectors in the Mumbai Metropolitan Region (the "MMR"), Pune and London.
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Mumbai-based realtor Macrotech Developers Ltd, or Lodha Developers, has filed draft papers with the capital market regulator, Securities and Exchange Board of India (SEBI) to raise Rs 2,500 crore via an initial public offering (IPO).
With a dilution of 10% stake, Lodha Developers plans to raise around Rs 2,500 crore through listing of its shares on the stock exchanges in next few months.
As per the draft red herring prospectus (DRHP) filed late Tuesday, net proceeds from the issue will be utilised for the reduction of aggregate outstanding borrowings of the company on a consolidated basis, acquisition of land or land development rights, and general corporate purposes.
The real estate development company's aggregate outstanding borrowings on a consolidated basis, stood at Rs 1,8662.19 crore, as of December 2020.
This will be the third time the Mumbai-based developer is proposing an IPO after attempting the same in 2009 and 2018 but deferred those plans due to unfavourable market conditions.
The company may decide to undertake a pre-IPO placement of Rs 500 crore subject to consultation with merchant bankers. Investment banking firms such as Axis Capital, ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, Yes Securities, Bank of Baroda Capital, and JP Morgan are the advisors for the IPO.
Meanwhile, the registrar to the Lodha Developers IPO is Link Intime India Private Ltd.
Founded in 1995, Lodha Group is one of India's largest real estate players by sales bookings, that develops real estate across the residential and commercial sectors in the Mumbai Metropolitan Region (the "MMR"), Pune and London.
Share Market Live: Sensex drops 300 points, Nifty at 15, 250; L&T, Maruti, Titan top losers
Stocks in news: Future Retail, L&T Finance, ICICI Bank, Adani Ports, TVS Srichakra, Nestle
Bitcoin races past $50,000 for first time amid growing acceptance