Deutsche Bank exits Lodha Developers, gains $183 mn

MUMBAI: Germany's Deutsche Bank has gained 9 billion rupees ($183.09 million) after exiting from a four-year investment in Mumbai-based builders Lodha Developers, the Indian company said.

Deutsche Bank was paid 25.42 billion rupees, 55 percent more than its investment of 16.4 billion rupees in late 2007, it said on Thursday.

A spokesman for Deutsche Bank in Mumbai declined comment. Lodha funded 17.2 billion rupees of the repayment from cash generated through sales of residential units in its projects across Mumbai, including in its flagship 117-storey World One, which is expected to become the world's tallest residential tower.

The remainder was funded through issue of bonds. The company's debt has dropped by 10 billion rupees to 30 billion rupees after the repayment to Deutsche Bank, Managing Director Abhisheck Lodha said.

Source: EconomicTimes