Lodha group repays bonds worth Rs 2,550cr

Mumbai: Lodha Developers International, a subsidiary of the Mumbai-based realtor, on Thursday announced it has completed all requirements and payments for the redemption of its March 2020 US dollar bonds in full, along with accrued interest. It paid $345 million (Rs 2,550 crore) to cover the $325-million debt along with an additional $20-million interest.Last week, the company raised $200 million (approximately Rs 1,470 crore) in senior secured notes due 2023, which was managed by JP Morgan, UBS and CLSA. On Monday, the size of the new bond was further increased by $25 million (about Rs 180 crore) due to higher demand from investors.Macrotech Developers (earlier called Lodha Developers) MD & CEO Abhishek Lodha said, “We were always confident of being able to meet our $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 the coronavirus and the oil price shock, we are pleased that we have successfully completed this obligation.”The group claimed it provides employment to over 50,000 people across its offices and projects.