March 7, 2024: Macrotech Developers (Lodha) today announced the successful closure of its Qualified Institutional Placement (QIP). The Rs 3,300 crore institutional placement was well-received from both existing and new as well as global and domestic investors.
The book was oversubscribed by nearly three times within five hours of issue opening and witnessed traction from diversified set of investors with long-term outlook, including sovereign funds, pension funds, insurers etc.
This is the fourth equity raise by Lodha in the last 36 months and means that Lodha has raised over Rs 13,000 crore of capital, showing the exceptional support from high quality investors in brand Lodha, its strategy and team.
The entire book was allocated to marquee long only global investors. The existing shareholders of the company such as Capital Group, GQG, Nomura, ADIA, HDFC Life enhanced their investment through this QIP. The institutional placement also saw new marquee investors like Invesco Oppenheimer, Blackrock, Carmignac, Franklin Templeton, Norges, Lazard, APG, RWC etc. endorsing the growth potential of the housing industry.
Abhishek Lodha, MD & CEO, Macrotech Developers said, “The significant demand from marquee investors enabled us to launch and close the QIP within hours of opening the book – a tremendous feat for the Indian housing industry. India’s housing industry is going to play the pivotal role in the country’s transition from a low income economy to being a mid-income economy by the end of the decade. During this period, housing is going to be the key beneficiary as well as the driver of the economic growth thereby creating “once in a country’s lifetime opportunity” for the industry. We see all the structural factors are in place for significant growth in volumes and are in only fourth year of a multi-decade long housing cycle. With this capital raise, our balance sheet is exceptionally placed and will give us the opportunity to improve profitability, while we continue to deliver on our growth outlook.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com
Related Posts
HDFC PE fund exits Lodha’s World Tower project for Rs 1,500 crores.
DLF’s Rajiv Singh is the richest builder in India: IIFL Wealth Hurun India Rich List 2021.
Macrotech Developers to list on bourses on April 19, 2021.
MahaRera deregisters five real estate projects in Mumbai and Pune.
Lodha to acquire Pune-based Goel Ganga Ventures India.
Supreme Court orders Lodha to refund Rs 2.25 cr to homebuyer.
