Lodha Developers IPO

Most of the bids so far have come from qualified institutional buyers (QIB)

The company allotted 15.2 million shares to 14 investors at Rs 486 apiece

Mumbai-based 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

However, it managed to bring down its debt by 25% to Rs 18,662 crore. Issue proceeds of Rs 2,500 cr IPO will be used mainly to prune debt by another Rs 1,500 crore

The Hinduja family paid a premium to boost its stake in IndusInd Bank. More on that story and other headlines.

The group's Macrotech Developers plans to use Rs 1,500 crore from net proceeds to repay part of Rs 18,662 cr debt and Rs 375 crore to buy land

The firm has revived its IPO plan for the third time

The company is looking to use Rs 33 billion from the IPO for repaying its debt