New Delhi:
The promoters of real estate company Macrotech Developers have raised Rs 3,547 crore selling shares to institutional investors including ADIA as they reduced their stake in the company to 75 per cent and meet the minimum public shareholding standard of 25 per cent.
Mumbai-based Macrotech Developers sells its properties under the Lodha brand.
Last week, Macrotech Developers had launched a Qualified Institutional Placement (QIP) of stocks. The issue is closed on Monday.
The QIP consisted of an offer for sale (OFS) of shares by entities of the promoter group – Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd.
The promoters have sold shares with the aim of achieving a minimum public shareholding.
“Promoters and members of the Macrotech Developers promoter group have raised approximately Rs 3,547 crores by selling approximately 7.2 percent of the company’s share capital through a Qualified Institutional Placement (QIP) through an offer for sale,” the company said. . in a regulatory filing on Monday.
The issue was priced at Rs 1,026 against the floor price of Rs 1,022.75.
As of September 2022, promoters held an 82.20 percent stake in the company and had to reduce it to 75 percent to maintain the minimum 25 percent public shares.
Speaking of the successful QIP, Macrotech Developers MD and CEO Abhishek Lodha said, “We are pleased to have long-only investors such as Capital Group, UBS, ADIA, NinetyOne (formerly Investec), Nomura, USS, William Blair, MSIM, Amundi and Nippon MF participated in the share sale and joined other globally renowned investors in our company, such as GIC, Ivanhoe Cambridge, Wellington, Platinum and HDFC MF.” “As promoters, we were eager to see new quality long-only shareholders become partners in this round of fundraising, enabling the company to achieve the established minimum public free float of 25 percent,” he added.
As per the QIP, the company and promoters have now raised about Rs 10,000 crores in equity in the last 20 months.
“Promoters have communicated that following this fundraising, their equity holdings in the company will be cleared of all encumbrances. Now that the company has reached 25 percent free float, the company will be eligible for inclusion in various free float-linked indices in due course, the submit said.
Macrotech Developers is one of the leading real estate companies in the country.
It has a strong presence in the real estate markets of Mumbai Metropolitan Region (MMR) and Pune, while recently entering the Bengaluru market with one housing project.
In the April-September period, the company has clocked record sales entries of Rs 6,004 crore, against Rs 2,960 crore in the corresponding period of the previous year.
It has already achieved more than half of its Rs 11,500 crore sales guidance for the full fiscal year 2022-2023.
Macrotech Developers has delivered more than 89 million square feet of real estate and is developing approximately 100 million square feet under its ongoing and planned portfolio.
The Lodha Group company has approximately 4,400 hectares of land outside its ongoing and planned portfolio, which will be used for the development of residential, commercial and industrial and logistics spaces.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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