Mumbai-based Lodha Developers Ltd, which has been renamed as Macrotech Developers Ltd, filed the draft crimson herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) late on Tuesday.
This can be the third try by Lodha Developers to launch a public difficulty and checklist its shares on inventory exchanges.
The firm had filed its DRHP for the primary time in September 2009 to raise about Rs 2,800 crore. It had obtained SEBI’s nod in January 2010, however later shelved the plan due to unfavourable market circumstances publish the worldwide monetary disaster.
In April 2018, Lodha Developers once more filed the DRHP and obtained SEBI’s approval in July 2018 to launch its IPO to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil.
According to the DRHP, Lodha Developers plans to difficulty shares up to Rs 2,500 crore by means of its public difficulty. The firm plans to utilise Rs 1,500 crore for discount of the combination excellent borrowing and Rs 375 crore for acquisition of land or land improvement rights.
The firm might raise up to Rs 500 crore by means of pre-IPO placement of fairness shares, the DRHP mentioned.
The privately-held Lodha Group, which was based in 1995 by Mangal Prabhat Lodha, is a number one participant within the Indian actual property market. It has presence in Mumbai, Pune, and London.
Lodha Group is the nation’s largest residential actual property developer by gross sales bookings. The firm clocked web new gross sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore.
The group had forayed into the London realty market in 2013 and purchased two prime websites in central London for an funding of about 400 million kilos (round Rs 4,038 crore).