Shares of Macrotech Developers saw a significant surge of around 4% in early trading on March 11, reaching a fresh record high of Rs 1,277.90. This surge came after the company successfully raised Rs 3,300 crore through a qualified institutional placement (QIP).
Despite hitting a record high, the stock saw some profit booking, causing it to retreat from the day’s peak. By 10:52 am, shares were trading slightly lower at Rs 1,191.85 on the NSE.
The positive sentiment surrounding the fund raise remained strong as several prominent names, including Rajiv Jain’s GQG Partners, Invesco Developing Markets Fund, and Stitching Depositary APG Emerging Markets Equity Pool, participated in the QIP. Invesco Developing Markets Fund was allotted the largest share of the QIP at 21.4% of the total issue size, followed by GQG Partners with 11.2%, and Stitching Depositary APG Emerging Markets Equity Pool with 9%.
The funds raised through the QIP will be utilized by the company to repay debt, acquire land, and cover other expenses. This latest QIP marks the fourth successful round of fundraising for Macrotech Developers in the last three years, bringing the total raised amount to over Rs 13,000 crore.
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