After the prices of dollar denominated bonds issued by the Lodha Group have fallen sharply, Mumbai-based company on Wednesday said it has never delayed a payment, let alone default on bond in question.
In an interview to CNBC-TV18, Abhishek Lodha, managing director and chief executive officer, said, "This is a modest size $325 million bond issued in 2015 and maturing in 2020. This is not listed on any exchanges. It's an over the counter (OTC) bond and has very small volumes."
Lodha said the company has ample liquidity to service its dollar denominated bonds and this is a situation of a very illiquid instrument.
Further, he said Lodha Developers will exit the UK property market and is in advanced stage to sell two of its residential projects in central London for about Rs 4,200 crore.
The company’s board is focussed on ensuring a significant upgrade in its ratings in the next 12 months with a goal of being in the 'AA' category.
On India business, Lodha said the company is expecting sales revenue of Rs 9,500 crore this year and the leasing business is growing robustly, "Our mid and affordable housing segments are doing very well."