Certain promoters and members of the promoter group of Macrotech Developers have raised around Rs 3,547 crore by selling an approximately 7.2% of the equity share capital of the company through a qualified institutional placement (QIP). Capital Group, UBS, ADIA, NinetyOne (formerly Investec), Nomura and USS, among others, participated in the fundraise, the company informed the stock exchanges.

The issue was priced at Rs 1,026, against the floor price of Rs 1,022.75. The issue opened on December 7 and closed on Monday.

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“As promoters, we were keen to see new high quality long-only shareholders becoming partners in this round of fundraising too, enabling the company to achieve the stipulated minimum public free float of 25%. Investors such as Capital Group, UBS, ADIA, NinetyOne, 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,” said Abhishek Lodha, managing director and CEO, Macrotech Developers.

Pursuant to the QIP, the company and promoters have now raised around Rs 10,000 crore of equity in the last 20 months.

Following the fundraise, the promoter shareholding in the company will be made free of all encumbrances. Having achieved 25% free float, the company will be eligible for inclusion in various free float-linked indices.

Macrotech recently told FE that it would be launching 7.3 million square feet of residential space worth Rs 10,000 crore in the Mumbai Metropolitan Region and Pune by March 2023. It has already launched 4.4 million sqft of residential space worth nearly Rs 8,500 crore in the first six months of the current financial year.

As on September 30, 2022, Macrotech delivered around 89.2 million square feet of developable area and is developing close to 103.5 million square feet under its on-going and planned portfolio.

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The real estate developer clocked Rs 3,148 crore of pre-sales, registering a rise of 57% year-on-year, while collections surged 24% to Rs 2,375 crore for the quarter ended September 30, 2022.

The company posted a consolidated net loss of Rs 933 crore for the quarter ended September 30, 2022, due to an exceptional item. Excluding the exceptional item and forex, the company posted a net profit of Rs 367 crore, up 28% on a Y-o-Y basis.