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Home >Markets >Ipo >Brookfield, ADIA, CDPQ invest in Lodha's anchor book ahead of IPO

Mumbai: Macrotech Developers Ltd, formerly known as Lodha Developers, on Tuesday said that it has raised Rs740 crore from 14 anchor investors, a day ahead of the opening of its initial opening offer.

The real estate developer allotted a total of 15.2 million to Brookfield Asset Management,Abu Dhabi Investment Authority, Ivanhoe Cambridge and arm of Canadian pension fund CDPQ and Nomura among others.

Of the total anchor allotment 7.3 lakh shares were allocated to two domestic investors including a mutual fund for approximately 35.3 crore.

The IPO opens for public subscription on Wednesday and will close on 9 April. The IPO has a price band of 483-486 per share and it will be the first IPO in the financial year 2021-22 (FY22).

The real estate developer will raise 2,500 crore through the fresh issuance of shares.

The proceeds of the issue will be utilised to reduce the aggregate outstanding borrowings on a consolidated basis, acquire land or land development rights and for general corporate purposes, according to the red herring prospectus.

This is the third attempt by the Mumbai-based realty major to launch its IPO after the previous plans in 2009 and 2018 had failed due to unfavourable market conditions.

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