Macrotech Developers (formerly Lodha Developers) has received approval from the markets regulator for its proposed ₹2,500-crore Initial Public Offering (IPO). The company plans to launch the offering by April 10. Further, the property developer would also look at raising ₹500 crore through a pre-IPO placement.

“The company’s IPO plans are on track, with it getting SEBI approval today. The plan is hit the market latest by April 10,” a source close to the development told BusinessLine .

The real estate firm had filed a Draft Red Herring Prospectus (DRHP) with SEBI on February 16 and was expecting to get all approvals “soon”. This is the third attempt by the company, which is the country’s largest residential developer with sales and collection of ₹50,000 crore over the past seven years, to raise funds through an IPO.

When contacted a company spokesperson declined to comment.

The company has roped in as many as 10 companies as managers to the issue.

Axis Capital Ltd, JP Morgan India Private Ltd and Kotak Mahindra Capital Company Ltd are the global Book Running Lead Managers to the issue. The issue will be managed by ICICI Securities, Edelweiss, IIFL Securities, JM Financial, Yes Securities, SBI Capital and BoB Capital on the domestic front.

Macrotech Developers intends to repay ₹1,500 crore of its total debts and will use ₹375 crore for acquisition of land and general corporate purposes.

Earlier on March 23, sources told BusinessLine that the company was gearing up to launch its IPO in April.

Read: Macrotech Developers to launch ₹2,500-cr IPO in April

The company had first filed a DRHP in September 2009 to raise about ₹2,800 crore and got SEBI approval in January 2010. Later in April 2018, it filed another DRHP to launch a ₹5,500-crore IPO, for which it got SEBI approval in July 2018. The company shelved these IPO plans on account of “unfavourable market conditions”.