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Lodha's total debt amounts to about 18,000 crores of rupees. In July, the company announced that it would use about Rs 4,500 crore from the proceeds of the initial public offering (Photo: Mint
Bengaluru / Mumbai: The Lodha Real Estate Company Developers Ltd. (LDL), based in Mumbai, will raise a little less than Rs 5,000 crore, selling its equity stake in its two projects
Lodha's exit from its London projects under construction – 1 Grosvenor House and Lincoln Square – would mean that the developer will now focus solely on its national projects, located primarily in the Greater Mumbai Area (MMR).
"… LDL's Board of Directors is striving to 39, significantly improve its ratings over the next 12 months, with the goal of being part of AA As part of this process, LDL sells its equity interest in both British badets for approximately 4,200 crores of rupee. es – this will bring significant liquidity to LDL and strengthen its balance sheet, "said a spokesman for Lodha.
The completion of UK projects is scheduled for 2019-2020. The projects are funded by lenders and have generated sales of around £ 500 million. Lodha UK, the arm that develops these projects, will remain in charge of the development of these projects and will complete the construction.
Wednesday The Economic Times reported that Lodha was about to sell his two projects in London to an international fund to reduce his debt.
Lodha's total debt is about 18,000 crores, and in July she announced that she would use about 4,500 crores of proceeds of the IPO for the repayment of her debt.
The promoter, which is considered the most important in terms of home sales, applied for an IPO earlier this year to raise about Rs 5,000 crore, making it the largest public fund in the world. 'Real estate since the launch of DLF by Rover 1871. 2009.
Given the adverse conditions of the stock market, Lodha will only be on the market next year and could reduce the size of its IPO, have declared two people aware of the development.
Shobhit Agarwal, managing director and CEO of Anarock Capital, said it was not a brilliant B strategic plan that is well executed.
"… Today, gambling is called deleveraging. Not only Lodha, but including the NBFC, all have effectively reduced their debt. If you have something to monetize and reduce your debt, this is the most logical step to take right now. Lodha does not make a distressed sale (London properties). Focusing on India is a conscious business call, "said Agarwal.
Lodha and Indiabulls Real Estate Ltd. (IBREL) purchased prime properties in the United Kingdom in 2013-14 to diversify their portfolios.
In March 2017, IBREL launched its Hanover Bond project – a set of 80 apartments and a five-star hotel – and opened reservations for guests.
Lodha has recorded a turnover of about R $ 4,200 for the period from April to September and expects sales to increase by 10% over the course of the current fiscal year compared to crore 8 2017 in 2017-2018.
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