Macrotech Developers which operates under Lodha brand, is looking to raise Rs 3,300 crore ($398 million) through a qualified institutional placement (QIP) of shares, said sources.
The indicative issue price is Rs 1,098 per share, which is at a discount of 7.34% to Monday’s closing price, Bloomberg said quoting terms of the offer.
The proceeds of the QIP will be used to repay borrowings, for acquisition or development of land, and general corporate purposes, according to the terms.
Lodha will issue as many as 30 million shares in the QIP, sources said. Macrotech could not be contacted for the article.
The company set a floor price of Rs 1,129.48 apiece and may offer a discount of not more than 5% on the floor price of the issue, it said in a stock exchange filing.
In December 2022, the company raised around Rs 3,547 crore from foreign and domestic institutional investors through the year’s largest QIP.
Jefferies India, Kotak Mahindra Capital Company, and BofA Securities India are the book running lead managers to the issue.