Lodha raises $125 mil­lion

Realty Plus - - News -

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.

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