Macrotech Developers Hit Record High as QIP Raises ₹3,300 Crore

11 Mar 2024 , 12:18 PM

Macrotech Developers’ shares surged 4% in opening trade on March 11, reaching a record high of ₹1,277.90 after successfully raising ₹3,300 Crore through a qualified institutional placement (QIP).

At the time of writing, the stock had slightly retreated from the day’s high, trading at ₹1,189.25 on the NSE.

The QIP news had initially propelled the stock to a record high in the previous session, but profit booking led to a decline by the end of the day.

Noteworthy participants in the QIP included prominent names like Rajiv Jain’s GQG Partners, Invesco Developing Markets Fund, and Stitching Depositary APG Emerging Markets Equity Pool, maintaining a positive sentiment around the fund raise.

Invesco Developing Markets Fund secured the most shares in the QIP, accounting for 21.4% of the total issue size, followed by GQG Partners (11.2%) and Stitching Depositary APG Emerging Markets Equity Pool (9%).

The funds raised will be utilized by Macrotech Developers to repay debt, acquire land, and cover other expenses.

This QIP marks the fourth round of fundraising for the company in the last three years, bringing the total funds raised to over ₹13,000 Crore.

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