Lodha Raised Approx Rs 3,547 Crores through QIP
Lodha announced that certain promoters and members of the promoter group of Lodha (Macrotech Developers Limited) have raised approximately Rs. 3,547 crores by selling approximately 7.2% of the equity share capital of the company through a Qualified Institutional Placement (QIP) by way of offer for sale. 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. Commenting on the development, Abhishek Lodha, MD & CEO, of 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 fundraising too enabling the company to achieve the stipulated minimum public free float of 25%”. Pursuant to the QIP, the company and promoters have now raised approximately Rs. 10,000 crores of equity in the last 20 months from some of the world’s most renowned investors, endorsing our optimism in India’s housing sector and confidence in Lodha’s high-quality management as well as its operational excellence. The Promoters have informed that following this fundraiser, their shareholding in the company will be made free of all encumbrances. Having achieved 25% free float, the company in due course will be eligible for inclusion in various free float linked indices.
Tags : Lodha promoter group Macrotech Developers Limited Abhishek Lodha MD & CEO Macrotech Developers Ltd