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Deutsche Bank Gains 9 Billion Rupees On Loan

India's Lodha Developers has repaid a 16.4 billion rupee ($333.6 million) loan from Deutsche Bank, the developer said on Thursday, helping it to reduce its debt by 25 percent. The company said it paid Deutsche Bank 25.4 billion rupees, resulting in a gain of 9 billion Indian rupees for the bank, which had lent the money in the form of a convertible debenture issue at the end of 2007. Lodha, which reduced its debt to 30 billion rupees from 40 billion rupees as a result of the repayment, is now looking for opportunities to buy land with its surplus cash, Managing Director Abhisheck Lodha spokesperson said. Lodha, which will have sales of about 60 billion rupees this year, has surplus cash of 15 billion rupees that it plans to spend in the year starting on April 1. Indian real estate developers are facing a lack of financing options as high interest rates put pressure on financing costs and a slowing economy dampens investor confidence.

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05 Mar 2012

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