India’s Biggest Builder Makes Another Attempt at Selling Shares
- Macrotech plans to raise up to 25 billion rupees via IPO
- Moody’s has a stable outlook on the builder’s credit rating
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Macrotech Developers Ltd., India’s biggest homebuilder, plans to raise 25 billion rupees ($344 million) in an initial share sale to help reduce its massive debt burden.
The company, formerly known as Lodha Developers, has been trying to sell shares in an initial public offering since 2009. Macrotech made the latest announcement in an exchange filing on Tuesday.