The company, earlier known as Lodha, is expected to use the funds to support growth plans.
Mumbai: Realty developer Lodha, listed as Macrotech Developers, is looking to raise $400 million or over 3,316 crore with an issue of equity share sale through qualified institutional placement (QIP), said persons with direct knowledge of the development.
The developer launched the issue on Monday and the proceeds are expected to be utilised to support its growth plans.
“…the floor price in respect of the aforesaid issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is ₹1,129.48 per equity share,” the company said in a regulatory filing. On Monday, the stock closed at 1,181.30 per share, up 1.16% over previous close. The company declined to comment on the size of the QIP issue.
Prior to this, the company had rai- sed ₹2,500 crore through its initial public offer (IPO) in April 2021 and 4,000 crore through its first QIP is- sue in November 2021. Following this, the company raised additional 3,547 crore through a secondary QIP wherein promoters sold shares in December 2022.
Jefferies India, Kotak Mahindra Capital Company, and BofA Securities India are the book running le ad managers to the issue.
As of December end, the company has completed 121 projects comprising around 96.6 million sq ft and has 48 ongoing projects comprising around 31.8 million sq ft developable area. In addition to ongoing and planned projects, the company holds land reserves of 4,206 acres for future development in Mumbai Metropolitan Region, with the potential to develop 621.9 million sq ft.
