Here's why Macrotech Developers shares were buzzing in weak market; details

Macrotech Developers share price: Shares of Macrotech Developers rose up to 3.48 per cent to hit an intraday high of Rs 1,260 per share on Thursday, November 7, 2024. 

 

The rise in Macrotech Developers share price came after the company announced that it has executed Securities Purchase Agreements (SPAs) with India Opportunities Fund SSA Scheme 1 and DSS Opportunities Investment 1 (Bain Capital) for acquisition of their interest in the Digital Infrastructure Platform entities (viz. Bellissimo Digital Infrastructure Development Management , Palava Induslogic 4 and Bellissimo In City FC Mumbai 1 ), for a consideration of Rs 307 crore.

 

In an exchange filing, Macrotech Developers said, “We wish to inform you that, in-line with the Company’s objective of gradually growing its annuity income, the Company has executed Securities Purchase Agreements (SPAs) with India Opportunities Fund SSA Scheme 1 and DSS Opportunities Investment 1 (Bain Capital) for acquisition of their interest in the Digital Infrastructure Platform entities (viz. Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1), for Rs 307 crore, subject to fulfilment of certain closing conditions.”

 

“This is in pursuance of our planned strategy for calibrated growth in our annuity income through Digital Infrastructure viz. Industrial and Logistics under the LILP (Lodha Industrial and Logistics Park) brand,” the company added.

 

Bellissimo Digital Infrastructure Development Management Private Limited specialises in offering development management services, asset management services, property acquisition and management, lease management, and other related services to various platform entities. 

 

Palava Induslogic 4 focuses on the construction and leasing of warehouses as well as the development of industrial parks. Similarly, Bellissimo In City FC Mumbai 1 is involved in the construction, leasing of warehouses, and the development of industrial parks.

 

Meanwhile, the indicative time period for completion of the acquisition of Bellissimo Digital Infrastructure is 30 days while 180 days for Palava Induslogic 4 and Bellissimo In City FC Mumbai, the company said in a statement. 

Macrotech Developers Limited, commonly known as the Lodha Group, is a prominent real estate company that develops a wide range of residential, commercial, and industrial properties in India and the United Kingdom. Founded in 1980 by Mangal Prabhat Lodha, the company was incorporated as Macrotech Developers Limited in 1995 and is headquartered in Mumbai, India.

 

The company’s portfolio includes a variety of projects spanning residential complexes, luxury and premium housing, industrial and logistics parks, and large-scale townships. Notable developments by Macrotech include prestigious properties such as Lodha Altamount, The World Towers, Lodha Bellissimo, Trump Tower Mumbai, and Lodha Park.

 

The market capitalisation of Macrotech Developers is Rs 1,23,264.04 crore, according to BSE. 

 

At 10:14 AM, Macrotech Developers shares were trading 1.27 per cent higher at Rs 1,233.05 per share. In comparison, BSE Sensex was trading 1.06 per cent lower at 79,526.80 levels.