Macrotech Developers dips ~5% after promoter offloads stake

13 Mar 2024 , 01:42 PM

Shares of Lodha, listed as Macrotech Developers, plummeted nearly 6% on March 13, a day after promoter Sambhavnath Infrabuild and Farms sold 49.7 lakh shares, or a 0.5% stake, in the real estate developer. The transaction took place at an average price of ₹1,180.02 per share, aggregating to ₹586.72 Crore.

In the previous week, the business successfully financed ₹3,000 Crore via a qualified institutional placement (QIP). The QIP is the company’s fourth round of financing in the previous three years, increasing the total raised to more than ₹13,000 Crore.

The announcement of the QIP originally pushed Macrotech Developers stock to a record high of ₹1,277.90 on the NSE on March 11, but profit booking has subsequently caused the share price to fall.

The QIP had notable participants like as Rajiv Jain’s GQG Partners, Invesco Developing Markets Fund, and Stitching Depositary APG Emerging Markets Equity Pool.

Invesco Developing Markets Fund purchased the most shares in the QIP offering, amounting to 21.4% of the total, followed by GQG Partners (11.2%) and Stitching Depositary APG (9%).

Macrotech will utilise the cash to repay debt, buy property, and cover other obligations.

At around 1.33 PM, Macrotech Developers was trading 6.29% lower at ₹1,049.70 per piece, against the previous close of ₹1,121.05 on NSE. The counter touched an intraday low of ₹990.90 in today’s trading session.

Macrotech Developers is an Indian global real estate firm located in Mumbai, India. The company constructed residential and commercial buildings in Mumbai, Thane, Hyderabad, Pune, and London.

The company began operations in Mumbai, creating inexpensive housing developments in the city’s outskirts, before expanding into other sectors and locations in the MMR and Pune. Some of the prominent projects include Lodha Altamount, Lodha Bellissimo Trump Tower Mumbai, The World Towers, and Lodha Park. Furthermore, the Company is now credited with creating Palava, an integrated smart city near Mumbai.

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