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Macrotech: Macrotech's debt lightens on sales uptick

Struck by debt concerns in the past, the management wants to adopt an asset-light model for the future. It will be increasingly looking at doing joint-venture projects. After the IPO, it has already announced four JV projects, which should make up a fifth of the company’s operating profits. ....

Intelligence Group , Lodha Group ,

Macrotech to invest Rs 2,800 cr in FY22 on construction of realty units

Macrotech to invest Rs 2,800 cr in FY22 on construction of realty units
proptiger
Realty firm Macrotech Developers will double its investment on construction to Rs 2,800 crore in this fiscal to speed up works at various projects which were hampered last year due to the COVID-19 pandemic and a nationwide lockdown.
Mumbai-based Macrotech Developer, earlier known as Lodha Developers, is one of the leading real estate firm in the country. The company got listed on the stock exchange last month after successful launch of its Rs 2,500-crore initial public offering (IPO).
In an interview with PTI, the company s Managing Director (MD) and Chief Executive Officer (CEO) Abhishek Lodha said the company remains bullish on the real estate sector, especially the residential property market, despite the second wave of the pandemic. ....

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India's Macrotech Developers IPO fully subscribed on final day after tepid start

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BENGALURU (Reuters) - Indian real estate company Macrotech Developers Ltd’s initial public offering (IPO) was oversubscribed 1.36 times on the final day, as its weak sales, substantial debt and a resurgence of COVID-19 cases weighed on investor interest.
Macrotech, formerly known as Lodha Developers, is among the major players in the Indian real estate industry. Most of its residential projects are concentrated in the country’s financial capital of Mumbai, which regularly features in the top 10 most expensive property locations in the world.
The IPO, which got a chilly response in the first two days, received bids for 49.5 million shares versus 36.4 million shares offered, as of 1130 GMT on Friday. ....

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Macrotech IPO to open on April 7; price band set at Rs 483-Rs 486

The initial public offering (IPO) of Macrotech Developers, earlier known as Lodha Developers, will be open from April 7-9. The company has priced it between Rs 483 and Rs 486 per equity share.
The IPO comprises fresh issuance of equity shares worth Rs 2,500 crore. Macrotech plans to utilise the offer proceeds to reduce its borrowings amounting up to Rs 1,500 crore and for acquiring land or land developmental rights of up to Rs 375 crore. The rest will be spent on general corporate purposes.
At the top-end of the price band, Macrotech will have a post-diluted market capitalisation of Rs 21,740 crore. The Mumbai-based developer will become the third biggest listed realty company behind DLF and Godrej Properties and slightly ahead of Oberoi Realty. ....

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Ind-Ra upgrades ratings for Lodha Developers group company Macrotech

India Ratings and Research (Ind-Ra) has upgraded the rating for Macrotech Developers Ltd’s (MDL) debt instruments from “BB” to “BBB”, reckoning the Lodha group company’s liquidity will improve.
Ind-Ra resolved the Rating Watch Negative (RWN) said the outlook is stable. The resolution of the RWN reflects the timely and successful refinancing of MDL’s London debt with longer maturities and a manageable domestic refinancing scenario.
The expectation of a further improvement in MDL’s liquidity position follows obtaining extensions on its domestic loans under the scheme for the date for commencement of commercial operations (DCCO). It also takes into account the likely inventory financing for its completed projects over December 2020-March 2021. ....

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