Corporate News Details
Lodha Developers Ltd, a Mumbai-based premium housing player filed draft prospectus to raise about Rs 2,500 crore through an initial public offer. The company has filed the Draft Red Herring Prospectus (DRHP) with the market regulator SEBI.
According to the sources, Lodha Developers will use the fund for expansion and to partly retire debts. The company is looking at the listing during the first quarter next year.
Sources said the company has annual revenues of around Rs 1,000 crore and will utilise about 20 per cent of the funds raised for retiring debt and the rest for expansion and developing various projects.
Lodha Developers is working on about 40 projects, of which bulk are residential properties and has a land of 200 million square feet. The company is also working on some commercial projects.
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