Macrotech Developers gains on launching QIP; floor price at Rs 1,129.48/share

Macrotech Developers added 1.92% to Rs 1203.95 after the company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,129.48 per share.

The companys board authorized and declared the opening of the issue on Monday, 4 March 2024.

The floor price of Rs 1,129.48 is at a discount of 4.39% to the previous day's closing price of Rs 1,181.30 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The lender has also informed that a meeting of the committee is scheduled to be held on Thursday, 7 March 2024 to consider and approve the issue price of the equity shares.

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 developers consolidated net profit surged 185% to Rs 570 crore in Q3 FY24 as compared with Rs 200 crore in Q3 FY23. Revenue jumped 65.22% YoY to Rs 2930.6 crore in Q3 FY24.

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