Mumbai: Mumbai-based Lodha Developers has offered to pay its investors, who have invested in its non-convertible debentures (NCDs), their interest early. The investors would continue to receive 9.5 per cent interest on their investments, the developer said in a stock exchange filing. As per the new terms, According to the new terms, the investors would continue to receive 9.5 per cent interest on NCDs worth Rs 495 crore after the completion of the moratorium period of 12 months. Earlier, the moratorium period was 24 months. The interest accrual will continue and the company can opt for either quarterly basis or other options to pay this interest.
Like many real estate players, Lodha has also seen rising debt. However, the company claims surplus liquidity this year prompted them to pay the investors before the initial moratorium period. HDFC Property Fund, Cloud Investments, Superior Investments and Vistra ITCL are the investors in the NCDs issued by the developer. This NCDs which was worth Rs 495 crore was issued in July 2017. The firm had put on hold an initial public offering (IPO) of around Rs 5,000-5,350 crore last year, citing unfavourable market conditions. The developer has commercial and residential properties in Mumbai, Thane, Pune, Hyderabad and London.
