Macrotech Developers to cut debt by 24%

Macrotech Developers to cut debt by 24% to Rs 12,700 crore post IPO

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Macrotech Developers Ltd erstwhile Lodha Developers has a core business of residential real estate development with a focus on affordable and mid-income housing along with the development of logistics and industrial parks. The company is a Mumbai-based firm. Macrotech Developers has sold its properties worth Rs 50,000 crore in the last seven years. The duration of this sale was FY 2014 to FY 2020. This has made the company the largest developer in terms of annual sales bookings. However, according to the sources it was found that the company will launch its IPO on April 7. This IPO will be opened in order to raise Rs 2,500 crore through a fresh issue of shares. There is also a lot more information given about the IPO of the company.

Macrotech Developers IPO

As the company will issue some fresh shares. The issue will close on April 9, 2021, and begins on April 7, 2021. The price band is Rs 483-486 per share. The main purpose of the company to open this IPO is to reduce debt by up to Rs 1,500 crore and acquire land or land developmental rights aggregating up to Rs 375 crore.

Macrotech Developers debt for Indian Business

According to the sources it was found that the company’s net debt for Indian Business is Rs 16,700 crore as of December 31, 2021. With this introduction of IPO, the net debt will come down to Rs 12,700 crore. Also, it was told that the company has 55 lakh of unsold housing inventories and also huge receivables from existing customers. It was also informed that the company will also monetize Commerical assets worth Rs 1,500 crore. The company’s fiscal performance has been impacted at a huge level. So now the opening of this IPO will be a great step for the company for its better future. Due to the pandemic, the situation went out of control. So now things will get fine.

Macrotech Developers revenue

The company has informed that revenue from its operations stood at Rs 9,580 crore in 2019-2020 fiscal. In the first nine months of the last fiscal revenue stood at Rs 2,920..the company posted a profit of Rs 1,210 crore in 2019-2020 but has suffered a loss of Rs 260 crore in the April-December period of last fiscal due to pandemic.

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Somya Somya

Somya is an associate writer at the media hub. Quiet by nature, She is an avid Lacrosse player. She regularly contributes to the technology section and manages staff writers. You can contact him at [email protected]

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