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Macrotech Developers to reduce debt by 24% to Rs 12,700 crore after IPO

Realty major Macrotech Developers, erstwhile Lodha Developers, on Monday said it will reduce net debt by 24 per cent to Rs 12,700 crore post its initial public offer (IPO), which hits the capital market on Wednesday. Mumbai-based Macrotech Developers has sold properties worth Rs 50,000 crore in the last seven years (FY14 to FY20), making it the largest developer in terms of annual sales bookings, its Managing Director Abhishek Lodha told reporters in a virtual press conference. The company will launch its IPO on April 7 to raise Rs 2,500 crore through a fresh issue of shares. The issue will close on April 9. The price band is Rs 483-486 per share.

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