Lodha Group to transfer 18% stake in Macrotech Developers for philanthropy

Lodha Philanthropy Foundation (LPF) will have an initial corpus of Rs 20,000 cror

Promoters of Lodha Group, Abhishek Lodha and family, will be transferring 18 per cent of their shareholding in the listed real estate company Macrotech Developers Limited (MDL), worth Rs 20,000 crore, to Lodha Philanthropy Foundation (LPF), as per a stock exchange filing by MDL.

 

LPF is a non-profit organisation that uses all its income and assets solely for national and social upliftment causes. Sambhavnath Infrabuild and Farms Private Limited, a promoter group entity, will transfer 18,00,00,000 equity shares (18.09 per cent) of MDL to LPF.

 

Further, LPF is obliged to use all its income towards social and nation-building initiatives, and the company will fund its activities primarily through dividend income on the transferred shares. LPF will not be able to sell any shares of MDL until March 31, 2026, and post that, it will not be allowed to sell more than 0.5 per cent of MDL's equity in any financial year.

 

Abhishek Lodha, managing director and chief executive officer of Lodha Group, said, “About 100 years ago, the Tata family gave a major part of their shareholding in their enterprise to the Tata Trusts. The huge impact of this gift on India and the good work by the Tata Trusts have been a major inspiration for me. With the blessings of my parents, Shri Mangal Prabhat Lodha and Smt Manju Lodha, and the support of my wife, Smt Vinti Lodha, and our children, Lodha Philanthropic Foundation (LPF) will now own ~1/5th of one of India’s largest real estate companies, Macrotech Developers Ltd. (Lodha/MDL).”

 

Additionally, as of September 30, 2024, promoters and promoter groups, including Sambhavnath Infrabuild and Farms Private Limited, Sambhavnath Trust (through its trustees Abhishek Lodha and Vinti Lodha), Rajendra Lodha, Hightown Constructions Private Limited, and Homecraft Developers and Farms Private Limited, held 72.11 per cent of MDL’s shares, while 27.89 per cent of the shares are held by the public.

 

MDL’s total market capitalisation stands at Rs 1,09,969.09 crore.