Macrotech Developers plans to raise ₹3,316 Crore via QIP issue

5 Mar 2024 , 10:00 AM

Lodha, a real estate developer registered as Macrotech Developers, is trying to raise $400 million, or more than ₹3,316 Crore, through an equity share sale via qualified institutional placement (QIP), according to people familiar with the matter. 

The developer introduced the issue on Monday, and the funds are likely to be used to fund its expansion plans.

Prior to this, the business received ₹2,500 Crore through an initial public offering (IPO) in April 2021 and ₹4,000 Crore via its first QIP issuance in November 2021. Following this, the business raised an additional ₹3,547 Crore via a secondary QIP in which promoters sold shares in December 2022. 

The book-running lead managers for the offer are Jefferies India, Kotak Mahindra Capital Company, and BofA Securities India. 

As of December 31, the business had completed 121 projects totaling about 96.6 million square feet and had 48 projects in progress totaling approximately 31.8 million square feet of developable space. In addition to present and planned projects, the business has 4,206 acres of land reserved for future development in the Mumbai Metropolitan Region, with a potential development area of 621.9 million square feet.

Lodha or Macrotech Developers (previously Lodha Developers) is an Indian international real estate corporation based in Mumbai, India. It was established in 1980 by Mangal Prabhat Lodha. It has built residential and commercial projects in Mumbai, Thane, Hyderabad, Pune, and London. Some of its most prominent projects are Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai, and Lodha Park. The organisation is also recognised for creating Palava, an integrated smart city near Mumbai. The firm was listed as Macrotech Developers on April 19, 2021.

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