Macrotech Developers (formerly Lodha Developers) has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,500 crore through an initial public offering (IPO). The proceeds from the fundraise will be used for reduction of outstanding borrowings, acquisition of land or land development rights and general corporate purposes.
The company had filed its DRHP for the first time in September 2009, to raise about Rs 2,800 crore. It had received Sebi's nod in January 2010, but later shelved the plan due to unfavourable market conditions post the global financial crisis. In April 2018, the company again filed the DRHP and got SEBI's approval in July 2018 to launch its IPO to raise up to Rs 5,500 crore. However, the plan was shelved amid market turmoil.
The privately-held Lodha Group, which was founded in 1995 by Mangal Prabhat Lodha, is a leading player in the Indian real estate market. It has presence in Mumbai, Pune, and London.