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Macrotech Developers Ltd, (formerly Lodha Developers Ltd.) proposes to raise ₹2,500 crore via an initial public offering.
The issue will open on April 7 at price band of ₹483 – ₹486 per equity share of face value of ₹10 each. The issue will close on April 9.
The company proposes to utilise the proceeds for reduction of aggregate outstanding borrowings amounting up to ₹1,500 crore, acquisition of land or land developmental rights aggregating up to ₹375 crore and the balance for general corporate purposes.
Affordable housing
Abhishek Lodha, managing director, said the company would focus on affordable and mid-income housing for which there was tremendous demand.