NEW DELHI: Lodha Developers (previously Macrotech Developers) has successfully 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 made with the stock exchanges on Monday.
The debentures, having a face value of ₹1 lakh each, are now listed on the Wholesale Debt Market segment of BSE. The issuance received approval from the company’s executive committee on July 21, 2025, with allotment and deemed date of allotment occurring on the same day.
The NCDs feature a floating interest rate structure tied to the three-month MIBOR, along with a spread of 2.09% per annum. Given the current MIBOR, the coupon rate is at 8.19% per annum. This coupon will reset quarterly and payments will commence annually starting July 21, 2026. A 10 basis point reduction in the spread is anticipated from the second reset, which will occur six months post-issuance.
Redemption of the NCDs will take place in eight equal quarterly installments beginning March 31, 2026, with the final maturity scheduled for January 21, 2028. The instrument is secured with a first-ranking charge over specified company assets, as detailed in the Key Information Document dated July 16, 2025.
In addition, the company has recently secured ₹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, with quarterly payments starting September 30, 2025, and are set to mature on July 7, 2028. This instrument is also secured and aims to enhance the company’s funding profile while refinancing existing obligations.