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In a press statement released, Lodha Group (Macrotech Developers) claims to have raised over Rs 3,500 crores by selling 7.2 per cent of its equity share capital via Qualified Institutional Placement (QIP) by way of offer for sale. Entities selling their equity shares include Sambhavnath Infrabuild, Sambhavnath Trust, Hightown Constructions and Homecraft Developers and Farms. According to their BSE filling, the shareholdings of the promoters will be free of all encumbrances having achieved a 25 per cent free float.
Earlier this week, several promoters of Macrotech Developers who sell real estate under the brand name ‘Lodha Group’ sold 7.2 per cent of their equity shares for a sum of approximately Rs 3,500 crores through a Qualified Institutional Placement (QIP) by way of offer for sale. The issue opened on 6th December 2022 post market and closed on 12th December 2022. The issue was priced at Rs 1,026 as against the floor price of Rs 1,022.75.
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Several known players such as Nippon MF, William Blair, USS, Nomura, UBS, Capital Group and ADIA participated in the share sale. The company already boasts of industry big wings such as HDFC Mutual Fund, GIC, Ivanhoe Cambridge and Platinum as investors. This round of fund raising has allowed the company to achieve the stipulated minimum public free float of 25 per cent. The company has raised over Rs 10,000 crores of equity in the last two years.
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