Advertisement
Saturday, Nov 26, 2022
Outlook.com
Outlook.com

Macrotech Developers Raises Rs 4,000 Crore Via QIP

In April this year, Macrotech Developers got listed on the stock exchanges by raising Rs 2,500 through an initial public offer (IPO).

Macrotech Developers Raises Rs 4,000 Crore Via QIP
Macrotech Developers Raises Rs 4,000 Crore Via QIP
outlookindia.com
2021-11-16T09:41:04+05:30

Realty firm Macrotech Developers has raised Rs 4,000 crore through the sale of shares to institutional investors, according to sources.

The company on Monday launched the Qualified Institutional Placement (QIP) to raise funds.

According to sources, the QIP issue was launched and closed on Monday.

The company has raised around Rs 4,000 crore through the QIP route, although the demand was for shares worth around Rs 12,500 crore, they added.

After the QIP issues, the promoters shareholding will come down to 82.5 per cent. The company has two-and-a-half years to meet the requirement of minimum 25 per cent public shareholding.

In April this year, Macrotech Developers got listed on the stock exchanges by raising Rs 2,500 through an initial public offer (IPO).

Macrotech Developers, one of the leading real estate developers in the country, markets its properties under the ‘Lodha’ brand.

Mumbai-based Macrotech Developers sold properties worth Rs 3,000 crore during April-September on better demand and looks to double its sales bookings in the second half to reach the Rs 9,000 crore target this fiscal year.

Its sales bookings stood at Rs 5,970 crore during the last fiscal year.

Macrotech Developers focuses only on Mumbai Metropolitan Region (MMR) and Pune markets. The company's debt is at around Rs 12,500 crore, which will be reduced to about Rs 10,000 crore by end of this fiscal year as per the guidance.

Macrotech Developers recently reported its consolidated net profit at Rs 223.36 crore for the quarter ended September.

The company had posted a net loss of Rs 362.58 crore in the year-ago period. Total income more than doubled to Rs 2,201.66 crore in the second quarter of this fiscal year from Rs 988.18 crore in the corresponding period of the previous year.

Macrotech Developers, earlier named Lodha Developers, had also made a foray into the London market in 2013.

(With PTI Inputs)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement