Lodha raises $125 million
Mumbai-based real estate firm Lodha group has raised an additional USD 125 million through bonds to pre-pay its costlier debt and reduce interest expense. Lodha group’s subsidiary Lodha Developers International Ltd had raised USD 200 million in March 2015 through issue of bonds with maturity in 2020. The company has now raised an incremental USD 125 million through issue of bonds with same maturity date, taking the total size to USD 325 million.the tap issue has been done at a price of 106.25, at a premium to the original issuance. The bonds are listed on the Singapore Stock Exchange (SGX). Lodha group said the proceeds would be used to pre-pay its higher cost debt and is leverage neutral for the group. In July, Lodha Group MD Abhishek Lodha had said that its
Indian debt stood at Rs 14,500 crore, while the debt of London business was about 300 million pounds.