The property developer raised ₹625 crore secured bonds from Yes Bank in February 2018 at 12.5% payable quarterly for five years.
According to a stock market statement. The ₹125 crore is the last of the five installments the builder had to repay to the private lender. According to the bond document, Lodha raised funds from Yes Bank in 2018 to refinance unsecured loans and expenses for various projects. Yes Bank’s early debt repayment is in line with its overall debt reduction strategy, a bank official said.
“Going forward, the company has also indicated well-defined plans including monetization of assets and proceeds from logistics and warehousing activities to further reduce debt,” said a Brickwork rating report dated August 1. 2022.
The company gave guidance on net debt of ₹6,000 crore by the end of the 2023 financial year, up from ₹8,856 crore as of June 30, the rating company said in the same report. Net debt stood at ₹9,309 crore as of March 31, from ₹16,076 crore a year ago. Macrotech Developers gross debt stood at ₹11,048 crore as of June 30, down from ₹11,537 crore at the end of March. The company has a cash and bank balance of ₹1,697 crore as of June 30, according to the report.
But he also added that the group is currently executing various projects in different phases and sectors and is not immune to project execution risks.