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Lodha Group makes firm arrangements for refinancing the US $325 million bonds due in March 2020

ET Spotlight|
Updated: Nov 12, 2019, 06.22 PM IST
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India’s largest residential developer, Lodha Group witnessed a whopping sales of Rs. 750 crore sales in the month of October. This is huge and accounts an increase of 36% vis-à-vis average monthly sales in the first half of the year. What’s great for the real-estate major is that it was on the back of a good performance in H1 with sales of approx. Rs. 3000 crores in spite of the weak economic sentiment.

Commenting on the business, Abhishek Lodha, Managing Director of Lodha Group said “ Last month has been especially good for us with great sales across our diverse portfolio. Our first offering under the affordable housing brand Crown located at Thane delivered a whopping Rs. 250 crores sales. We also saw strong sales of Rs. 100 crores in Palava, Rs. 60 crores in New Cuffe Parade and Rs. 150 crores at Lodha Park and World Towers.

With the continued sales momentum, Lodha Group has also made necessary arrangements for the refinancing of the US $325 million bonds that are due in March 2020. This includes:

  • Refinancing the Lincoln Square (UK) residual inventory – US $150 million (GBP 120 million)
  • Line from a family office – US $100 million (Rs. 700 crores).
  • Sale of a commercial building in India which has a balance consideration of US $150 million (Rs. 1,055 crores) and a surplus after repayment of existing debt on the asset of US $70 million (Rs. 420 crores).

We have worked hard to ensure clear visibility on the repayment/refinancing of the USD bond which is due in March 2020. With these arrangements in place, we are confident that we can raise additional resources to support the growth of our business. We are also engaged in advanced discussions for two other facilities totalling US $600 million (Rs. 4000 crores) which we expect to fructify over the next 8-12 weeks.” added Abhishek Lodha.
(This article is generated and published by ET Spotlight team. You can get in touch with them on etspotlight@timesinternet.in)
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