Macrotech Developers Raises Rs 3,547 Crore Through QIP Route
Pursuant to the QIP, the company has raised approximately Rs 10,000 crore of equity in the last 20 months
To bring down the promoters stake in the company to 75 per cent and meet the minimum public shareholding norm of 25 per cent, Mumbai-based Macrotech Developers has raised Rs 3,547 crore by selling approximately 7.2 per cent of shares to institutional investors.
According to a regulatory filing on Monday, “The promoters and members of the promoter group of Macrotech Developers have raised approximately Rs 3,547 crores by selling approximately 7.2 per cent of the equity share capital of the company through a Qualified Institutional Placement (QIP) by way of offer for sale.”
Macrotech Developers, which sells properties under the Lodha brand, opened the Qualified Institutional Placement (QIP) of equity shares on December 7, 2022 post market and closed on December 12, 2022. The issue was priced at Rs 1,026 as against the floor price of Rs 1,022.75.
The QIP consisted of an offer-for-sale (OFS) of shares by promoter group entities including Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd.
Abhishek Lodha, MD and CEO of Macrotech Developers, said 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 the company such as GIC, Ivanhoe Cambridge, Wellington, Platinum, and HDFC MF.
“As promoters, we were keen to see that new high quality shareholders become partners in this round of fund raising, enabling company to achieve the stipulated minimum public free float of 25 per cent,” Lodha added.
Pursuant to the QIP, the company and promoters have so far raised approximately Rs 10,000 crore of equity in the last 20 months, Macrotech said.
“Promoters have informed that following this fund raise, their shareholding in the company will be made free of all encumbrances. Having achieved 25 per cent free float, the company in due course will be eligible for inclusion in various free float linked indices,” the filing further added.