Lodha Developers raises ₹350 crore via private placement of NCDs
Lodha Developers
(formerly
Macrotech Developers
) has raised ₹350 crore through a private placement of 35,000 rated, listed, senior, secured, redeemable, taxable, and transferable
non-convertible debentures
(
NCDs
), according to a regulatory filing with the stock exchanges on Monday.
The debentures, carrying a face value of ₹1 lakh each, have been listed on the Wholesale Debt Market segment of BSE. The issuance was approved by the company's executive committee on July 21, 2025, with allotment and deemed date of allotment also on the same day.
The NCDs carry a floating interest rate structure pegged to the three-month MIBOR with a spread of 2.09% per annum. Based on the prevailing MIBOR, the current coupon rate stands at 8.19% per annum. The coupon will reset quarterly and will be paid annually starting July 21, 2026. A downward revision in the spread by 10 basis points is scheduled from the second reset, six months after issuance.
Redemption of the NCDs will be executed in eight equal quarterly instalments beginning March 31, 2026, with final maturity scheduled for January 21, 2028. The instrument is secured with a first-ranking charge over specified company assets, as outlined in the Key Information Document dated July 16, 2025.
Additionally, the company recently raised ₹300 crore through the allotment of 30,000 NCDs at the same face value of ₹1 lakh each. These debentures offer a fixed interest rate of 7.96% per annum, payable quarterly starting September 30, 2025, and are scheduled to mature on July 7, 2028. The instrument is similarly secured, aimed at enhancing the company's funding profile and refinancing existing liabilities.
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