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Lodha Group promoters raise Rs 3,547 cr via QIP

Promoters of realty major Lodha Group, listed as Macrotech Developers, have raised around Rs 3,547 crores from foreign and domestic institutional investors through the yearu2019s largest Qualified Institutional Placement (QIP) by any Indian corporate.

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Lodha Group promoters raise Rs 3,547 cr via QIP

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  1. Lodha Group promoters raise Rs 3,547 cr via QIP

  2. Promoters of realty major Lodha Group, listed as Macrotech Developers, have raised around Rs 3,547 crores from foreign and domestic institutional investors through the year’s largest Qualified Institutional Placement (QIP) by any Indian corporate. Global investors including Capital Group, UBS, Abu Dhabi Investment Authority (ADIA), USS, William Blair and Nomura have picked up over 7.2% stake in the country’s largest real estate developer based on the residential sales value. The promoters have sold the stake in the company through this issue by way of offer for sale. The issue will bring down the promoters’ holding and help achieve stipulated minimum public shareholding of 75%. 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,” said Abhishek Lodha, MD & CEO, Macrotech Developers.

  3. Last year too, in November, the developer had raised Rs 4,000 crore from institutional investors through the largest ever QIP by an Indian real estate developer. Prior to that, the company had raised Rs 2,500 crore through its initial public offering (IPO) of equity shares in April 2021. “Confidence of investors has been growing since our maiden share sale (in April 2021) as they have seen our performance, operational metrics and have seen visibility over growth from here on. We will be closing this financial year with revenue worth over Rs 11,500 crore and will grow this number 20% further in 2023-24,” Lodha told ET. Including the latest QIP issue, the company and promoters have now raised around Rs 10,000 crore of equity capital in the last 20 months from some of the world’s key institutional investors, endorsing their optimism in India’s housing sector and confidence in the company’s management and operational efficiency.

  4. “As promoters, we were keen to see new high quality long only shareholders become partners in this round of fundraising enabling the company to achieve the stipulated minimum public free float of 25%,” Lodha said. The promoter group entities that have sold their shares in the company in the latest round of fundraising include Sambhavnath Trust, Sambhavnath Infrabuild and Farms, Hightown Constructions and Homecraft Developers and Farms. The issue opened on December 07, 2022, post market and closed on December 12, 2022. The issue was priced at Rs 1,026 as against the floor price of Rs 1022.75. The company was listed on BSE at Rs 439 per share in April 2021.

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