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Macrotech Developers raises Rs 650-crore to refinance high-cost debt
Both lenders have provided debt in the form of non-convertible debentures (NCDs) with different terms. Bonds raised from Deutsche Bank are unsecured while Standard Chartered bonds are secured. The Rs 245-crore NCDs issued to Standard Chartered Bank have a clause that the bank would charge 50 basis points more for each rating downgraded of Lodha.