Lodha Developers to file for ipo
Lodha Developers will soon file draft prospectus with markets regulator SEBI to launch its IPO to raise about Rs 5,500 crore mainly for repaying its debt. It has revived its plans to launch an initial public offer (IPO) and will soon file draft red herring prospectus (DRHP) with SEBI. According to sources, the company is looking to raise about Rs 5,500 crore through its IPO, including pre-placement of shares.the group achieved sales bookings of about Rs 8,500 crore during 2016-17 fiscal from both domestic market and London despite slowdown in the real estate market. Privately-held Lodha Group is currently developing around 40 million sqft area and has 31 ongoing projects in London, Mumbai Metropolitan Region, Pune, Bengaluru and Hyderabad. It has a land bank of 350 million sq.ft for future development.the group had forayed into the London realty market in 2013 and acquired two prime sites in central London for an investment of about 400 million pounds. due to some reason or other.the government has already acquired RBI’S stakes in State Bank of India and National Bank of Agriculture and Rural Development (Nabard). It was the Narasimhan Committee that recommended the transfer of RBI’S stake in State Bank of India, NABARD and NHB to the government to differentiate the central bank’s role as the owner of banks and the sector regulator. After getting ownership of NHB, the government would also have a greater say in the boards of these institutions and the flexibility to issue directions to meet its credit objectives for the priority sector. or 1 per cent to help the industry which is reeling under the burden of high interest rates.