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Equity | News | Hot Pursuit
Hot Pursuit
Macrotech Developers lists at discount
(10:17, 19 Apr 2021)

The stock was listed at Rs 439, a discount of 9.67% to the IPO price. So far, the stock hit a high of Rs 472.60 and low of Rs 421.15. On the BSE, 1.23 lakh shares were traded on the counter so far.

The initial public offer (IPO) of Macrotech Developers was subscribed 1.36 times. The issue opened for bidding on 7 April 2021 and closed on 9 April 2021. The price band for the IPO was set at Rs 483-486 per share.

The issue comprised of fresh issue of equity shares aggregating up to Rs 2500 crore (including anchor portion of 1,52,46,913 equity shares).

Out of net proceeds from the fresh issue, an amount of Rs 1500 crore is proposed to be utilized towards prepayment, repayment, or redemption (earlier or scheduled), of all or a portion of certain borrowings availed by the company and some of its subsidiaries.

Further, an amount of Rs 375 crore is proposed to be used for acquisition of land or land development rights. The balance net proceeds will be used for general corporate expenses.

Macrotech Developers, formerly known as Lodha Developers, is one of the largest real estate developers in India. The core business of the company is residential real estate developments with a focus on affordable and mid-income housing. It also develops commercial real estate, including as part of mixed-use developments in and around core residential projects.

The Lodha group has been involved in the real estate business since 1986. The company commenced operations in Mumbai, developing affordable housing projects in the suburbs of Mumbai, and later diversified into other segments and regions in the MMR and Pune.

On a consolidated basis, Macrotech Developers reported a net loss of Rs 270.40 crore and sales of Rs 2915.01 crore in the nine months ended on 31 December 2020.

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