Macrotech Developers' promoters to raise Rs 3,500 crore via QIP; stock rises ~3%

8 Dec 2022 , 02:05 PM

According to sources, the promoters of real estate firm Macrotech Developers intend to raise approximately Rs 3,500 crore by selling shares to institutional investors.

Macrotech Developers, based in Mumbai, sells its properties under the Lodha brand.

Macrotech Developers announced in a regulatory filing that it has launched a Qualified Institutional Placement (QIP) of equity shares.

The QIP consists of an offer-for-sale (OFS) of shares by Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd, and Homecraft Developers and Farms Pvt Ltd, all of which are promoter group entities.

According to the filing, the promoters are selling shares to achieve a minimum public shareholding.

As of September 2022, promoters owned 82.20% stake in the company, which they must reduce to 75% in order to maintain the minimum 25% public shareholding.

Macrotech stated that the floor price has been set at Rs 1,022.75 per share, but did not specify how much money will be raised through the QIP.

According to sources, the promoters intend to raise approximately Rs 3,500 crore through the sale of shares via the QIP route, which shall close on Friday.

Macrotech Developers has completed over 89 million square feet of real estate and is currently developing approximately 100 million square feet as part of its ongoing and planned portfolio.

At around 2.09 PM, Macrotech Developers was trading at Rs1,094.15, up by 2.59% against previous close of Rs1,066.50 on NSE. The counter hit intraday high and low of Rs1,108.90 and Rs1,078.40 respectively.

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