Lodha Group's UK arm clears USD 325 million debt

New Delhi, Mar 12 () Realty firm Lodha Group's UK subsidiary has cleared its USD 325 million debt which was raised through issuance of bonds in 2015.

Lodha Developers International, a subsidiary of Mumbai-based Macrotech Developers (earlier Lodha Developers), has paid USD 345 million (Rs 2,550 crore), including USD 20 million as interest, to clear its debt.

Lodha International has completed all requirements and payments for the redemption of its March 2020 US dollar bonds in full along with accrued interest, a company statement said.

To repay its bond, the company has recently raised USD 225 million (Rs 1,650 crore) in senior secured notes with maturity in 2023. In February, it had raised 86 million pounds (Rs 800 crore).

The bond-issue opened on February 27. The bonds will be listed on the Singapore exchange.

Abhishek Lodha, MD & CEO, Macrotech Developers, said: "We were always confident of being able to meet our USD 325 million bond repayment obligations and have completed all requirements and payments for the bond to be repaid in full along with accrued interest."

"Despite the economic slowdown in India which has been further compounded by factors like coronavirus and the oil price shock, we are pleased that we have successfully completed this obligation," he added.

Lodha Group had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London for over GBP 300 million (Rs 3,100 crore).

Macrotech Developers is India's largest residential real estate developer by sales and construction area. It clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore and delivered over 10,000 offices and homes in FY 18-19.

In the first nine months of 2019-20, sales have reached around Rs 5,000 crore, up 15 per cent from the corresponding period of the previous year. The debt of India business is around Rs 15,000 crore. MJH MJH ANUANU