Indian real estate giant Macrotech Developers Ltd has successfully raised ₹3,281 crore through a Qualified Institutional Placement (QIP), aimed at addressing company debt, land acquisition, and other expenses. The QIP, which commenced on March 4, 2024, and concluded on March 7, 2024, saw the issuance of 2,98,89,353 Equity Shares at an issue price of ₹1,098 per share (including a premium of ₹1,088 per share), against a floor price of ₹1,129.48 per share.
In a statement to Indian stock market exchanges, Macrotech Developers announced the allotment of shares to eligible qualified institutional buyers (QIBs), resulting in an increase in the company’s paid-up equity share capital to ₹9,944.20 million, comprising 99,44,20,185 Equity Shares.
The QIBs participating in the Macrotech Developers QIP include prominent entities such as Nomura Funds Ireland Public Limited, GQG Partners, HDFC Life Insurance, and Invesco Funds. Here’s a breakdown of their investments:
- New World Fund INC: Allotted 15,47,212 company shares, translating to an investment of ₹169.88 crore.
- Stichthing Depository APG: Allotted 26,82,017 company shares, amounting to an investment of ₹294.48 crore.
- HDFC Life Insurance Company: Allotted 21,89,404 shares, resulting in an investment of ₹240.39 crore.
- Invesco Fund: Allotted 64,14,509 company shares, representing approximately 21.46 percent of the total QIP size. Invesco’s investment stands at ₹704.31 crore.
- Nomura Ireland Funds: Allotted 21,41,518 company shares, constituting 7.16 percent of the total QIP offer. Nomura Ireland Fund’s investment totals ₹235.14 crore.
This successful QIP issuance reflects investor confidence in Macrotech Developers and its growth prospects in the Indian real estate market.
