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Macrotech Developers announced that the company's promoters have as of today repaid the entire debt owed by them to the company.
The promoters owed the company a sum of Rs. 1,596 crore as of 31 March 2021. Of this, a sum of Rs. 400 crore was repaid on 29 April 2021 . The balance of Rs. 1,196 crore together with interest accrued thereon
has been repaid today, 30 June 2021. Thus, the entire debt has been repaid expeditiously, in just over 2 months from the listing of the company.
This repayment, combined with the company's IPO fund raise and continued organic free cash flow generation are helping the company to progress further in its deleveraging plans. The company targets significant reduction in net debt to -Rs. 10,000 crore by end of FY 2022 and as of now, the company is on track for this.
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