Macrotech Developers receives Rs 1596 cr from developers for debt repayment

Macrotech Developers has announced that the company’s promoters have so far repaid all of their debt owed to the company.

The promoters owed the company a sum of Rs. 1,596 crore as of March 31, 2021. Of this amount, a sum of Rs. 400 crore was repaid on April 29, 2021.

The balance of Rs. 1,196 crore as well as the accrued interest were repaid today, June 30, 2021. Thus, the entire debt was repaid quickly, in just over 2 months from the listing of the society.

This repayment, combined with the fundraising of the company’s IPO and the continued generation of organic free cash flow, helps the company move further on its debt reduction plans. The company is aiming for a significant reduction in net debt to -Rs. 10,000 crore by the end of fiscal 2022 and as of now the company is on track for that.

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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

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