Macrotech Developers raises Rs 3,281 cr via QIP from GQG, Invesco, others; stock hits lifetime high

Macrotech Developers (formerly Lodha) on March 7 announced allotment of 2.98 crore shares via QIP at Rs 1,098 per share

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Realty major Macrotech Developers, formerly known as Lodha Developers, raised Rs 3,281 crore by selling shares to institutional investors to repay debt, acquire land and cover other expenses. The qualified institutional placement (QIP), which opened on March 4, is set to close on March 7.

The company had approved allotment of 2.9 crore equity shares of face value Rs 10 each to eligible qualified institutional buyers (QIB) at the issue price of Rs 1,098 per share, against the floor price of Rs 1,129.4 per share.

After the allotment of equity shares in the issue, the paid-up equity share capital of the company stood increased to Rs 994 crore.

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Shares of Macrotech Developers rallied over 3 percent to hit lifetime high of Rs 1,234 per share on March 7 in intra-day deals. So far this year, the stock of this realty major has surged over 17 percent.

Invesco Developing Markets Fund was allotted the most shares via this QIP at 21.4 percent of the total issue size, followed by GQG Partners with 11.2 percent of the QIP issue, and Stitching Depositary APG Emerging Markets Equity Pool with 9 percent of the QIP issue.

ALSO READ: Macrotech Developers Q3 earnings robust; should you buy, hold or sell?

According to term sheet, Kotak Mahindra Capital, Jefferies India, and BofA Securities acted as the book running lead managers of the QIP issue. Earlier, the company had raised Rs 3,547 crore through QIP as well.

Macrotech Developers’ profit grew 25 percent to Rs 505 crore for the quarter ended December from Rs 405 crore year-on-year (YoY). The company’s revenue from operations jumped 65 percent YoY to Rs 2,930 crore from Rs 1,774 crore during the same quarter last year.

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