 "Macrotech Developers up 14% on QIP issue; stock gains 200% in 7 months")
Shares of Macrotech Developers (Lodha Developers) have saored 14 per cent to Rs 1,459.25 on the BSE in Tuesday’s intra-day trade after the real-estate developer announced the opening of its qualified institutional placement (QIP) issue to raise Rs 4,000 crore on Monday.
With today’s rally, the market price of Macrotech Developers has zoomed 200 per cent against its issue price of Rs 486 per share. The stock had hit a 52-week low of Rs 421 on debut day, i.e. April 19, 2021.
The floor price of the QIP issue is Rs 1,184.70 per equity share, Macrotech Developers said in a regulatory filing. The floor price is set at a discount of 7.69 per cent to Monday's closing price of Rs 1,283.45 per share. The company may offer a discount of not more than 5 per cent on the floor price. Close to 34 million new shares will be issued in the QIP. The fund raise will lead to 7.5 per cent dilution.
The company intends to use the net proceeds for various purposes, including but not limited to, capital expenditure including acquisition of land, land development rights or development rights; deleveraging; and general corporate purposes. Further, if applicable and to the extent possible, the company proposes to achieve minimum public shareholding as prescribed under the SCRR pursuant to this issue.
Lodha Group is among the largest real estate developer in India with a focus on affordable and mid-income housing. The Group also has a growing industrial & logistics park business where in a short span of time, it has scaled up and made its mark with JVs already signed with marquee investors.
The company’s management see very strong pipeline of new joint development agreements (JDAs) with potential to add new projects in H2 with Gross Development Value (GDV) potential of around Rs 7000-10,000 crore. “New launches coupled with strong underlying customer interest in housing augers well for demand as we enter the festive season. H2 as we know generally contributes 60 per cent of the normalized sales,” Macrotech Developers said while announcing September quarter results on October 21, 2021.
With today’s rally, the market price of Macrotech Developers has zoomed 200 per cent against its issue price of Rs 486 per share. The stock had hit a 52-week low of Rs 421 on debut day, i.e. April 19, 2021.
The floor price of the QIP issue is Rs 1,184.70 per equity share, Macrotech Developers said in a regulatory filing. The floor price is set at a discount of 7.69 per cent to Monday's closing price of Rs 1,283.45 per share. The company may offer a discount of not more than 5 per cent on the floor price. Close to 34 million new shares will be issued in the QIP. The fund raise will lead to 7.5 per cent dilution.
The company intends to use the net proceeds for various purposes, including but not limited to, capital expenditure including acquisition of land, land development rights or development rights; deleveraging; and general corporate purposes. Further, if applicable and to the extent possible, the company proposes to achieve minimum public shareholding as prescribed under the SCRR pursuant to this issue.
Lodha Group is among the largest real estate developer in India with a focus on affordable and mid-income housing. The Group also has a growing industrial & logistics park business where in a short span of time, it has scaled up and made its mark with JVs already signed with marquee investors.
The company’s management see very strong pipeline of new joint development agreements (JDAs) with potential to add new projects in H2 with Gross Development Value (GDV) potential of around Rs 7000-10,000 crore. “New launches coupled with strong underlying customer interest in housing augers well for demand as we enter the festive season. H2 as we know generally contributes 60 per cent of the normalized sales,” Macrotech Developers said while announcing September quarter results on October 21, 2021.
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