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This is an archive article published on February 9, 2012

Deutsche Bank exits Lodha Developers

Germany's Deutsche Bank has gained 184 mn after exiting from a four-year investment.

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Germany8217;s Deutsche Bank has gained Rs 9 billion 183.09 million after exiting from a four-year investment in Mumbai-based builders Mangal Prabhat Lodha-led Lodha Developers,the Indian company said.

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

A spokesman for Deutsche Bank in Mumbai declined comment.

Lodha funded Rs 17.2 billion 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 world8217;s tallest residential tower.

The remainder was funded through issue of bonds.

The company8217;s debt has dropped by Rs 10 billion to Rs 30 billion after the repayment to Deutsche Bank,Managing Director Abhisheck Lodha said. 1 = 49.1550 Indian rupees

 

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