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Realty firm Macrotech Developers on December 12 stated that its board had approved raising Rs 3,547 crore by selling approximately 7.2 percent shares to institutional investors at an issue price of Rs 1,026 per share. The company launched Qualified Institutional Placement (QIP) of the equity shares on December 7.
Mumbai-based Macrotech Developers sells its properties under the Lodha brand.
“… the Committee at its meeting held today i.e. December 12, 2022 has, inter alia, passed the following resolutions: Determining and approving the offer price of Rs 1026/- per Equity Share i.e. Rs. 3.25/- above the floor price of Rs 1022.75/- per Equity Share determined along with the Selling Shareholders as per the formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations, for the Equity Shares to be transferred to the eligible qualified institutional buyers in the offer,” Macrotech Developers said in a regulatory filing.
The firm issued shares to Kuwait Investment Authority, New World Fund, Nomura India fund and Stichting Depositary APG Emerging Markets Equity Pool via the QIP.
Pursuant to the QIP, the company and promoters have now raised approximately Rs 10,000 crore of equity in the last 20 months, Lodha said in a statement.
Further, Lodha also added that the promoters have informed that following the fund raise, their shareholding in the company will be made free of all encumbrances. “Having achieved 25 percent free float, the company in due course will be eligible for inclusion in various free float linked indices,” it added.
Commenting on the development, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd., said “We are pleased that marquee long-only investors such as Capital Group, UBS, ADIA, NinetyOne (formerly Investec), Nomura, USS, William Blair, MSIM, Amundi and Nippon MF have participated in the share sale, joining other globally renowned investors in our company such as GIC, Ivanhoe Cambridge, Wellington, Platinum, and HDFC MF.”
Meanwhile, shares of Macrotech Developers traded 2.37 percent higher at Rs 1,081.55 apiece on BSE around 3:17 pm. The stock was trading at an intra-day high of Rs 1,086.40 apiece on the exchanges.