Strong pre-sales growth, debt reduction to support Macrotech stock

Capital raise to aid joint development projects and expansion

The second largest listed realty player by market capitalisation, Macrotech Developers (Lodha) raised Rs 4,000 crore last week via the qualified institutional placement route. The company plans to use the funds to grow in the under-represented micro markets of Mumbai Metropolitan Region and Pune. Given the demand from the IT sector, the company is also looking at entering the Bengaluru market.

The fundraise through the equity route was expected, given that the promoter holding in the company needs to be reduced from 88.5 per cent to 75 per cent within three years from listing. However, Ayush Bansal and Rahul Jain