Lodha Developers Raises ₹500 Crore via NCDs; Shares Fall Over 3%

Mumbai, March 30: Lodha Developers Limited has raised ₹500 crore through the allotment of secured non-convertible debentures, marking another step in its capital management strategy.

The company allotted 50,000 debentures with a face value of ₹1 lakh each on a private placement basis, according to an exchange filing. These instruments are rated, listed, senior and secured, which places them higher in repayment priority compared to unsecured borrowings.

The issuance will be listed on the Wholesale Debt Market segment of the National Stock Exchange. Structurally, this is long-term money. The maturity is set for March 31, 2036, giving the company a decade-long funding runway.

The debentures carry an annual coupon of 8.52%, paid every six months, with the first payout scheduled for September 30, 2026.

Stock Market Snapshot 

Lodha Developers share price declined 3.06% to ₹678.80 as of 12:47 pm IST on March 30, 2026.

The session showed a gradual drift lower rather than a sharp fall. After opening at ₹692.00, the stock touched a high of ₹702.95 but failed to hold those levels. Selling pressure persisted through the day, pulling it closer to the ₹675 mark before stabilising.

The Lodha Developers share price reaction suggests that investors are weighing the implications of fresh debt.

Structure Of The Instrument 

The debentures are backed by a first-ranking charge on identified assets. This is a key detail. It provides security cover to investors and typically helps in pricing such issuances at relatively stable coupon rates.

If there is any delay beyond three months in servicing interest or principal, an additional 2% per annum interest will apply over the base coupon.

No special rights or unusual clauses have been attached to the instrument, and the redemption will follow the terms laid out in the debenture trust deed between the company and the trustee.

Overall, the structure is fairly standard for institutional debt placements. Clear, secured and long-tenure.

Core Business Continues To Anchor Funding Strategy

Lodha Developers, formerly Macrotech Developers, remains one of the larger real estate players with a strong presence in the Mumbai Metropolitan Region and expanding footprint in other urban markets.

Its business model relies on continuous capital rotation. Land acquisition, project execution, sales cycles and collections. Funding is therefore a mix of internal accruals and external capital, including debt instruments like NCDs.

Liquidity Improves, But Market Watches Leverage Closely

The ₹500 crore raise strengthens liquidity at a time when execution pipelines remain active. It gives the company flexibility. To refinance existing obligations or to support ongoing developments.

At the same time, equity investors tend to stay alert to leverage levels. Especially in sectors where cash flows can be cyclical.

That explains the measured reaction.

For now, the update reinforces access to capital markets, even as the stock reflects a degree of near-term caution.

Source:

• https://www.nseindia.com/get-quote/equity/LODHA/Lodha-Developers-Limited
• https://nsearchives.nseindia.com/corporate/LODHA_30032026121948_Lodha_Allotment_of_NCDs_30032026_SD.pdf