Realty firm Macrotech Developers has raised Rs 4,000 crore through the sale of shares to institutional investors, according to sources.
The company on Monday launched the Qualified Institutional Placement (QIP) to raise funds.
According to sources, the QIP issue was launched and closed on Monday.
The company has raised around Rs 4,000 crore through the QIP route, although the demand was for shares worth around Rs 12,500 crore, they added.
After the QIP issues, the promoters shareholding will come down to 82.5 per cent. The company has two-and-a-half years to meet the requirement of minimum 25 per cent public shareholding.
In April this year, Macrotech Developers got listed on the stock exchanges by raising Rs 2,500 through an initial public offer (IPO).
Macrotech Developers, one of the leading real estate developers in the country, markets its properties under the ‘Lodha’ brand.
Mumbai-based Macrotech Developers sold properties worth Rs 3,000 crore during April-September on better demand and looks to double its sales bookings in the second half to reach the Rs 9,000 crore target this fiscal year.
Its sales bookings stood at Rs 5,970 crore during the last fiscal year.
Macrotech Developers focuses only on Mumbai Metropolitan Region (MMR) and Pune markets. The company's debt is at around Rs 12,500 crore, which will be reduced to about Rs 10,000 crore by end of this fiscal year as per the guidance.
Macrotech Developers recently reported its consolidated net profit at Rs 223.36 crore for the quarter ended September.
The company had posted a net loss of Rs 362.58 crore in the year-ago period. Total income more than doubled to Rs 2,201.66 crore in the second quarter of this fiscal year from Rs 988.18 crore in the corresponding period of the previous year.
Macrotech Developers, earlier named Lodha Developers, had also made a foray into the London market in 2013.
(With PTI Inputs)
