Shares of Macrotech Developers rose over 3% intraday after the real estate firm said it has raised Rs 3,547 crore through the Qualified Institutional Placement (QIP) issue.
The stock touched an intraday high of Rs 1092.5, rising 3.41 per cent from the previous close of Rs 1056.50. Macrotech Developers shares are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Macrotech Developers shares have lost 12.13 per cent in 2022 and declined 23.18 per cent in a year. Market cap of the firm rose to Rs 52,148 crore in today’s trade.
Total 8129 shares of the firm changed hands amounting to a turnover of Rs 87.18 lakh on BSE.
The realty stock hit a 52 week high of Rs 1449.90 on December 10,2021 and a 52 week low of Rs 814.85 on May 26, 2022. Later, the stock closed 2.46% higher at Rs 1,082.50 on BSE.
The firm has sold approximately 7.2% of the equity share capital through a QIP by way of offer for sale. The QIP opened on December 7, 2022 post market hours and closed on December 12, 2022. The issue was priced at Rs 1,026 against the floor price of Rs 1022.75.
Also Read: Macrotech Developers shares rise 3%; board okays QIP closure, offer price at Rs 1,026 per share
Abhishek Lodha, MD & CEO, Macrotech Developers Ltd., said, “We are pleased that marquee long-only investors such as Capital Group, UBS, ADIA, NinetyOne (formerly Investec), Nomura, USS, William Blair, MSIM, Amundi and Nippon MF have participated in the share sale, joining other globally renowned investors in our company such as GIC, Ivanhoe Cambridge, Wellington, Platinum, and HDFC MF. As promoters, we were keen to see that new high quality long only shareholders become partners in this round of fund raising too enabling company to achieve the stipulated minimum public free float of 25%”.
Including this QIP, the company and promoters have now raised approximately Rs 10,000 crore of equity in the last 20 months, it said.
Macrotech Developers reported a net loss of Rs 933 crore in the second quarter due to provisions made for loan given to its British arm for development of projects. Net profit came at Rs 223.36 crore in the year-ago period. Profit (excluding exceptional item and forex) came at Rs 367 crore, up 28 per cent year-on-year. Total income declined to Rs 1,761.23 crore in Q2 from Rs 2,137.76 crore in the corresponding period of the previous year. Macrotech incurred a loss due to an exceptional item of Rs 1,177 crore.
Macrotech Developers sells its properties under the Lodha brand and is one of the leading real estate developers in the country.
