Macrotech Developers rises on launching QIP issue

Macrotech Developers gained 2.26% to Rs 1,091.45 after the company announced that the committee has approved the opening of the qualified institutional placement (QIP) issue on 7 December 2022.

The real estate developer said that it launched a QIP consisting of an offer for sale to achieve minimum public shareholding.

The floor price of the QIP issue is fixed at Rs 1,022.75 per equity share. The floor price is set at a discount of 4.17% to Wednesday's closing price of Rs 1067.30 per share.

The company and the selling shareholders may offer a discount of not more than 5 percent to the floor price, the developer stated.

Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.

The real estate developer reported a net loss of 933.07 crore in Q2 FY23 from Rs 220.41 crore posted in Q2 FY22. Net sales slipped 16.9% to Rs 1,765.43 crore in quarter ended 30 September 2022.

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