Major real estate company Macrotech Developers, formerly known as Lodha Developers, sold shares to institutional investors for ₹3,281 Crore in order to pay off debt, buy land, and pay for other expenses. March 7 is the deadline for completing the qualified institutional placement (QIP), which launched on March 4.
The 2.9 Crore equity shares with a face value of ₹10 apiece that were approved for allotment to qualified institutional buyers (QIBs) who met the eligibility requirements were issued at a price of ₹1,098 per share, as opposed to a floor price of ₹1,129.4 per share.
The company’s paid-up equity share capital increased to ₹994 Crore following the allocation of equity shares in the issuance.
In intraday trade on March 7, Macrotech Developers’ shares surged more than 3% to reach a career high of ₹1,234 per share. The stock of this big real estate player has increased by more than 17% so far this year.
With 21.4% of the entire issue size allocated to shares through this QIP, Invesco Developing Markets Fund received the largest allocation, followed by GQG Partners (11.2%) and Stitching Depositary APG Emerging Markets Equity Pool (9%).
The book running lead managers for the QIP offering were, according the term sheet, Jefferies India, BofA Securities, and Kotak Mahindra Capital. Prior to this, the business had also raised ₹3,547 Crore through QIP.
The earnings for Macrotech Developers increased by 25% year over year (YoY) to ₹505 Crore for the quarter that ended in December from ₹405 Crore. The company’s operating revenue increased by 65% year over year to ₹2,930 Crore from ₹1,774 Crore in the corresponding quarter of the previous year.
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