Mumbai-based Realty major Lodha Developers Limited, which has been renamed Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) last month.
The IPO of Lodha Developers is likely to hit the capital market on April 7 with a Rs 2,500 crore initial public offer (IPO), as it seeks to raise funds to reduce debt and future growth. Lodha Developers Ltd, which has been renamed Macrotech Developers, filed the draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) last month.
According to banking sources, the company has got the SEBI approval to launch its IPO. The public issue is likely to hit the capital market on April 7, they added. This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges. 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 unfavorable market conditions post the global financial crisis.
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