General Announcement::Consummation of Inventory Financing of 1 Grosvenor Square

Issuer & Securities

Issuer/ Manager
LODHA DEVELOPERS INTERNATIONAL LIMITED
Securities
LODHA DEV US$225M14%N230312 - XS2125431101 - TQYB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
26-Oct-2020 23:57:42
Status
New
Announcement Sub Title
Consummation of Inventory Financing of 1 Grosvenor Square
Announcement Reference
SG201026OTHRXZTS
Submitted By (Co./ Ind. Name)
Sanjyot Rangnekar
Designation
Authorised Person
Effective Date and Time of the event
26/10/2020 21:25:00
Description (Please provide a detailed description of the event in the box below)
We would like to update all our stakeholders that Inventory financing of 1 Grosvenor Square, UK has been consummated. The facility has a tenor of about 4 years.

Inventory financing proceeds combined with Collections against sales during the current financial year has enabled full repayment of Construction Finance of the said project (GBP 513mn outstanding as at 31st March, 2020). This is a very significant development for the Group. On the one hand, it addresses a significant stakeholder concern around its repayment at maturity in March, 2021 in view of Covid 19 and on the other, it demonstrates superior quality of Lodha projects, investors/lenders trust and confidence in it and Lodha commitment towards meeting all its obligation on time.