Realty firm Macrotech Developers Ltd on Monday said its board has approved raising of up to Rs 250 crore through the issuance of non-convertible debentures.

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The company did not disclose the utilisation of the proceeds of the proposed Non-Convertible Debentures (NCDs) issue.

Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, informed that the board of directors have approved "raising of funds by way of issuance of listed, rated, secured, redeemable, transferable, non-convertible debentures upto Rs 250 crore in one or more tranches on a private placement to eligible investors."

Macrotech Developers has a major presence in Mumbai Metropolitan Region (MMR) and Pune market. The company has recently forayed into Bengaluru.

Recently, the company reported a nearly three-fold jump annually in its sales bookings at Rs 2,814 crore in the April-June quarter of this fiscal.

Macrotech Developers has given a sales bookings guidance of Rs 11,500 crore for the current fiscal, higher than Rs 9,024 crore registered in the last fiscal.