Updated March 7th, 2024 at 21:07 IST

Macrotech Developers raises Rs 3,300 crore via QIP

This marks the fourth equity raise by Macrotech Developers in the past 36 months, bringing the total raised amount to over Rs 13,000 crore.

Reported by: Business Desk
Representative | Image:Unsplash
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Macrotech Developers QIP: Macrotech Developers Ltd, a realty firm, announced on Thursday that it has successfully concluded its Qualified Institutional Placement (QIP), raising a total of Rs 3,300 crore through the sale of shares to institutional investors.

The QIP garnered significant interest, being oversubscribed nearly three times within a brief five-hour window of its opening. The enthusiastic response came from a diverse array of investors, including sovereign funds, pension funds, and insurers, reflecting a strong long-term outlook for the company.

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This marks the fourth equity raise by Macrotech Developers in the past 36 months, bringing the total raised amount to over Rs 13,000 crore. Notably, the entire book was allocated to prominent global investors.

Existing shareholders such as Capital Group, GQG, Nomura, ADIA, and HDFC Life demonstrated their continued confidence in the company by increasing their investments through this QIP. Additionally, the institutional placement attracted new marquee investors like Invesco Oppenheimer, Blackrock, Carmignac, Franklin Templeton, Norges, Lazard, APG, and RWC, among others.

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Abhishek Lodha, Managing Director & Chief Executive Officer of Macrotech Developers Ltd, expressed his satisfaction with the response from marquee investors, enabling the swift launch and closure of the QIP. He underlined the pivotal role of the housing industry in India's transition to a mid-income economy by the end of the decade, with housing being both a beneficiary and driver of economic growth.

Lodha highlighted the favourable structural factors poised to drive significant growth in housing volumes, noting that the industry is still in the early stages of a multi-decade-long housing cycle. With the capital raise, the company's balance sheet is strengthened, providing opportunities for improved profitability and continued growth in line with its outlook. 

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(With PTI inputs)

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Published March 7th, 2024 at 21:07 IST