Debt and Finance
Lodha Proposes Full Redemption of Rs 268 Crore Debentures on 21 October 2026
Lodha Developers Limited has proposed the voluntary redemption in full of 35,000 listed, secured non-convertible debentures, with a provisional payout of about Rs 267.73 crore including accrued interest. The redemption date was 21 October 2026, and the record date was 5 October 2026.
| Issuer | Lodha Developers Limited (formerly Macrotech Developers Limited), Mumbai, listed on BSE and NSE debt segments |
|---|---|
| Instrument | 35,000 listed, secured NCDs, ISIN INE670K07307, BSE scrip 976923 |
| Proposed action | Voluntary redemption in full |
| Record date | 5 October 2026 |
| Redemption date | 21 October 2026 |
| Provisional payout | About Rs 267.73 crore, including accrued interest |
| Face value per NCD at issue | Rs 1 lakh |
| Company debt position | Net debt of Rs 5,080 crore as of Q1 FY26; net debt-to-equity 0.24x, below the 0.5x ceiling |
What happened
Lodha Developers Limited, the Mumbai-based listed realty company formerly known as Macrotech Developers Limited, has proposed the voluntary redemption in full of 35,000 secured non-convertible debentures under ISIN INE670K07307. The company changed its name from Macrotech Developers Limited to Lodha Developers Limited on 16 June 2025.
The redemption date is 21 October 2026. The company fixed 5 October 2026 as the record date, meaning the date on which holders were identified for the payment. The provisional amount is about Rs 267.73 crore, which includes accrued interest. The figure is provisional, so the final payment depends on the terms set out in the company's notice.
As of 23 October 2026, the redemption date has passed. This article reports the proposal as set out in the company's filings and the figures above.
The instrument and how payment works
The debentures were issued at Rs 1 lakh each. The 2025 issue was described in company disclosures as raising over Rs 350 crore through 35,000 NCDs, with maturity on 21 January 2028. The debentures are listed on the BSE and NSE debt segments.
In the company's 2026 payment notices, the amount actually redeemed depends on the balance in the escrow account on the due date. The September 2026 exchange notice states that the final face value to be redeemed is subject to the amount available in the escrow account on that date, and that partial payments required approval from debenture holders. The filings reviewed do not show that the October proposal carries the same condition.
Redemption pattern in 2026
The company has made a series of part payments on the same series during 2026, according to exchange filings and the company's notices:
| Date | Event on INE670K07307 | Detail |
|---|---|---|
| 27 Feb 2026 | Payment | Amount redeemed Rs 12,51,25,000 (about Rs 12.51 crore), Rs 3,575 face value redeemed per NCD |
| May 2026 | Partial payment | Face value before Rs 80,483, Rs 1,428 redeemed, after Rs 79,055; payment due 29 May 2026 |
| July 2026 | Partial payment | Face value before Rs 78,261, Rs 1,428 redeemed, after Rs 76,833; record date 15 July, payment 31 July 2026 |
| September 2026 | Partial payment | Face value before Rs 75,703, Rs 1,428 redeemed, after Rs 74,275; record date 14 September, payment 30 September 2026 |
The September filing shows Rs 75,703 as the face value before that payment. The face value after the payment was Rs 74,275. The October proposal is a full redemption, separate from these part payments.
Record date discrepancy
A BSE bulletin dated 6 October 2026 lists a separate part redemption under scrip 977293 with a record date of 14 October 2026. That date differs from the 5 October record date for INE670K07307. The two are likely different instruments, since the record dates do not match.
What it means for buyers and investors
The payout goes to holders of the INE670K07307 debentures. It is a debt-management step on corporate borrowing. The payment does not name a specific real-estate project, and it does not change the prices, approvals or delivery timelines of any Lodha housing project.
For investors, the proposal reduces one listed debt series. The company reported net debt of Rs 5,080 crore as of Q1 FY26, with a net debt-to-equity ratio of 0.24x against a target ceiling of 0.5x. The company's board approved raising its NCD borrowing limit from Rs 3,000 crore to Rs 5,000 crore, as reported in August 2025.
What comes next
As of 23 October 2026, the record date of 5 October and the redemption date of 21 October 2026 have both passed. The 14 October record date under scrip 977293 is also in the past. No further scheduled payment on the INE670K07307 series is set out in the filings reviewed for this article. The company's investor relations page lists the filings for future payments.
Frequently asked questions
How much is Lodha paying back?
The provisional payout is about Rs 267.73 crore, which includes accrued interest, on 35,000 secured NCDs under ISIN INE670K07307.
When was the redemption date?
The proposed redemption date was 21 October 2026, with a record date of 5 October 2026. Both dates have passed as of 23 October 2026.
Does this affect Lodha homebuyers?
The payment is a debt-management step on corporate debentures. It does not name a specific project and does not change the terms of any housing booking.
Why is the amount provisional?
Under the company's 2026 payment notices, the amount redeemed depends on the balance in the escrow account on the payment date.
What is the 977293 record date in the BSE bulletin?
A BSE bulletin dated 6 October 2026 lists a part redemption under scrip 977293 with a record date of 14 October 2026. This is separate from the 5 October record date for INE670K07307.