Macrotech Developers raises nearly ₹3,547 cr through QIP, shares rise
- The issue opened on December 07, 2022 post market and closed on December 12, 2022
Real estate company Macrotech Developers Ltd, promoter group of Lodha, on Monday announced that the company has raised approximately Rs. 3,547 crores by selling approximately 7.2% of the equity share capital of the company through a Qualified Institutional Placement (QIP) by way of offer for sale.
The issue opened on December 07, 2022 post market and closed on December 12, 2022. The issue was priced at Rs. 1,026 as against the floor price of ₹1022.75, according to regulatory filing.
Among key investors in the QIP include the New World Fund, Kuwait Investment Authority, and Nomura India Investment Fund.
Last week, Macrotech Developers in its regulatory filing, Macrotech Developers had said Sambhavnath Trust, Sambhavnath Infrabuild and Farms Private Limited, Hightown Constructions Private Limited and Homecraft Developers and Farms Private Limited will offer their stake.
QIP is a process by which a way for listed companies to raise capital without having to submit legal paperwork to market regulators.
"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. As promoters, we were keen to see that new high quality long only shareholders become partners in this round of fund raising too enabling company to achieve the stipulated minimum public free float of 25%," said Abhishek Lodha, MD & CEO, Macrotech Developers Ltd.
"Pursuant to the QIP, the company and promoters have now raised approximately Rs. 10,000 crores of equity in the last 20 months from some of the world’s most renowned investors," said Macrotech Developers in its regulatory filing.
According to rules, all public listed companies with post issue capital of more than ₹4,000 crore are required to have a free float of 25%. The promoters will have to offload at least 7.2% to meet the minimum public shareholding as held by Sebi.
The shares of the company were up by 2.46 per cent at ₹1,082.50 on BSE.
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First Published:12 Dec 2022, 04:08 PM IST
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