Macrotech Developers to raise Rs 125 cr through issue of debentures

Realty firm Macrotech Developers Ltd said it will raise Rs 125 crore through the issue of non-convertible debentures (NCDs).

Macrotech Developers, which sells properties under Lodha brand, is one of the leading real estate developers in the country.

According to a regulatory filing on Thursday, the executive committee of the Board of Directors of Macrotech Developers has approved the allotment of 12,500 non-convertible debentures of Rs 1 lakh each aggregating to Rs 125 crore.

In a separate filing, the company said it has acquired 50 per cent of the paid-up equity capital and other securities/instruments of Siddhivinayak Realties Pvt Ltd under a share purchase agreement (SPA).

The acquisition is through a wholly owned subsidiary of the company.

''Siddhivinayak Realties Pvt Ltd has certain rights over land which is a subject matter of our business,'' the company said.

Recently, Macrotech Developers raised Rs 3,300 crore by selling shares to institutional investors. The Qualified Institutional Placement (QIP) was oversubscribed nearly 3 times and witnessed traction from a diversified set of investors with a long-term outlook, including sovereign funds, pension funds, insurers, etc.

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