J. Sagar Associates (JSA) advised in the issuance of US$225 million, 14% Senior Secured Notes due 2023 by Lodha Developers International Limited (the “Issuer”), unconditionally and irrevocably guaranteed by, among others, Macrotech Developers Limited (formerly known as Lodha Developers Limited). The Notes have been listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
The Lodha Group is among the largest real estate developers in India, with sales from India operations by value for the financial year ended March 31, 2019 of Rs. 71,627 million. The net proceeds from the Issue will be utilised to repay their outstanding US$324 million Senior Notes due 2020.
JSA Team comprised Partners – Varghese Thomas and Arka Mookerjee; Principle Associate – Pracheta Bhattacharya; and Associates –Kinjal Shah and Sourav Modi.
Partners Dina Wadia and Soumitra Majumdar advised on B&F related issues.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.