Lodha group arranges USD 325 mn fund to repay bonds maturing in March

Realty firm Lodha Group has arranged USD 325 million (about Rs 2,300 crore) to repay bonds maturing in March next year through infusion of funds from promoters, sale of commercial properties and refinancing against unsold inventories in London projects, its MD Abhishek Lodha said on Tuesday.

The Mumbai-based group has a total debt of over Rs 19,000 crore, of which Rs 17,000 crore is from India business and the rest from London market, but Lodha exuded confidence that it would become net debt free in the next two years.

"Our USD 325 million bond pertaining to London business is maturing in March next year. So we have arranged funds in advance to meet our obligations when bonds mature. About USD 155 million has been arranged through financing against unsold inventories in a London project, while another USD 110 million will be infused by promoters through family offices," Lodha told PTI.

Another USD 60 million fund would come through surplus from recent sale of commercial property in ...