Realty firm Lodha Group has arranged $325 million (about ₹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 ₹19,000 crore, of which ₹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 $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 $155 million has been arranged through financing against unsold inventories in a London project, while another $110 million will be infused by promoters through family offices," Lodha told PTI.
Another $60 million fund would come through surplus from recent sale of commercial property in Mumbai, he added. The company sold 8 lakh sq. ft office space for ₹1,350 crore. When asked about debt concern, Lodha said: “Debt is definitely a concern, therefore we are reducing it gradually and getting better every day".