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Lodha IPO to open on April 7
Realty major Lodha Developers is likely to hit the capital market on April 7 with a Rs 2,500 crore initial public offer (IPO), as it seeks to raise funds to reduce debt and future growth. Mumbai-based Lodha Developers Ltd, which has been renamed Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) last month.
According to banking sources, the company has got the SEBI approval to launch its IPO. The public issue is likely to hit the capital market on April 7, they added.Â
This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges.
Lodha Developers may hit capital market on Apr 7 with Rs 2,500 cr IPO
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Macrotech Developers IPO: Lodha Developers may hit capital market on Apr 7 with Rs 2,500 cr IPO
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MUMBAI: Realty developer Indiabulls Real Estate’s promoter Sameer Gehlaut has started taking steps to move out as the promoter of the company that he had founded over a decade-and-a-half ago.
Gehlaut and promoter group companies of Indiabulls Real Estate have sold around 3.1 per cent stake in the company in the open market between March 8 and 10, the company said in a regulatory filing.
A UK-based fund is believed to have bought the stake in the realty development company through these transactions. However, it could not be ascertained independently.
The promoters of the company are reducing their stake ahead of the completion of its merger with Embassy Group. The merger has already received nod from the Competition Commission of India (CCI), the stock exchanges, and the Securities & Exchange Board of India (Sebi).