Macrotech Developers completes largest ever QIP by a Real Estate Developer in India; witnesses noteworthy demand from marquee investors!

I’m sure you must have read and experienced many of the rags to riches story and in this article, we will talk about the rags to riches story of not an individual but of a stock, which got listed on the exchange in the month of April 2021.

The name of the stock is Macrotech Developers (erstwhile Lodha Developers). Interestingly, the stock had made a dismal debut on the stock exchanges. The stock on NSE debuted around Rs 436 down by nearly 10% when compared with its issue price and also made a low of Rs 422.60. Post registering a low of Rs 422.60 buying interest was seen and thereafter, the stock never looked back and it went from strength to strength scaling new heights. On November 16 the stock made a fresh lifetime high of Rs 1462, which translates to more than a three-fold rise in the stock price from the lows of listing day to its recent all-time high price.

The stock on an MTD basis has zoomed 28%, while the Nifty Realty index is up by nearly 5.5%. Owing to this performance, the stock has seen outperforming the Nifty Realty index hands down.

In a major news event for the market participants, the company on Thursday came out with a press release. It mentions that the Committee for Fund Raise of the Board of Directors of the company has, at its meeting held today i.e. November 18, 2021, approved the allotment of 3,41,88,034 Equity Shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 1,170 per Equity Share (including a premium of Rs. 1,160 per Equity Share) against the floor price of Rs 1,184.70 per share, aggregating to Rs 4,000 crore, pursuant to the Issue.

Pursuant to the allotment of Equity Shares in the Issue, the paid-up equity share capital of the Company stands increased to Rs 4,815.06 million, comprising of 48,15,06,362 Equity Shares.

Here is the list of Allottees who have been allotted more than 5% of the equity shares offered.