Macrotech Developers to raise Rs 125 crore through issue of debentures

Macrotech Developers to raise Rs 125 crore 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.