Lodha Developers, one of India’s leading real estate companies, has successfully raised ₹350 crore through a private placement of non-convertible debentures (NCDs). This fundraise is aimed at strengthening the company’s liquidity position and refinancing existing liabilities, as part of its ongoing financial strategy.
The real estate giant, formerly known as Macrotech Developers, issued 35,000 NCDs with a face value of ₹1 lakh each. These debentures are listed on the BSE’s Wholesale Debt Market and carry a floating interest rate structure linked to the three-month MIBOR (Mumbai Interbank Offered Rate), with an additional spread of 2.09% per annum.
Details of the NCD Fundraising
The NCDs will carry an initial coupon rate of approximately 8.19% per annum, subject to quarterly resets. Interest payouts will be made annually starting July 21, 2026. Notably, the spread will be reduced by 10 basis points at the second reset, which is scheduled for six months from the date of issuance.
The debentures are secured by a first-ranking charge on specified company assets. The redemption of these bonds is structured over eight equal quarterly installments, beginning March 31, 2026, and ending by January 21, 2028.
Previous NCD Issue by Lodha Developers
This is the second NCD issuance by Lodha in recent weeks. Earlier in July 2025, the company raised ₹300 crore through a separate allotment of 30,000 NCDs at a fixed interest rate of 7.96% per annum. That issue is set to mature in July 2028 with quarterly interest payments beginning September 2025.
Purpose of the Fundraise
The ₹350 crore raised will be used to enhance Lodha’s funding profile and refinance certain liabilities. The company continues to focus on disciplined financial management while expanding its residential and commercial real estate portfolio across major Indian cities like Mumbai, Pune, and Bengaluru.
Industry Outlook
Lodha’s NCD fundraising reflects a broader trend among Indian real estate developers who are increasingly leveraging debt capital markets to meet funding needs. With competitive coupon structures and secured instruments, NCDs remain a preferred route for institutional investors seeking fixed-income exposure in the real estate sector.
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Key Highlights
- Issuer: Lodha Developers (Macrotech Developers Ltd)
- Total Fundraise: ₹350 crore
- Instrument: Secured, listed, redeemable non-convertible debentures (NCDs)
- Coupon Rate: Floating – 3M MIBOR + 2.09% (approx. 8.19% initially)
- Listing: BSE Wholesale Debt Market
- Interest Payment: Annually from July 2026
- Maturity: Final installment by January 2028
- Use of Funds: Debt refinancing and funding support
