Macrotech Developers raises ₹3,300 crore via QIP

Macrotech Developers has raised ₹3,300 crore through a qualified institutional placement receiving overwhelming response from both existing and new global and domestic investors.

The book was oversubscribed by nearly three times within five hours of issue opening and witnessed traction from diversified set of investors with long-term outlook, including sovereign funds, pension funds and insurers, the company said.

The entire book was allocated to marquee long only global investors. It included existing shareholders such as Capital Group, GQG, Nomura, ADIA, HDFC Life and new investors Invesco Oppenheimer, Blackrock, Carmignac, Franklin Templeton, Norges, Lazard, APG, and RWC.

This is the fourth equity raise by Lodha in last three months and it has raised over ₹13,000 crore in that time.

“With this capital raise, our balance sheet is exceptionally placed and will give us the opportunity to improve profitability, while we continue to deliver on our growth outlook,” said Abhishek Lodha, MD & CEO, Macrotech Developers.

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