Lodha, developer, announced that certain promoters and members of the promoter group of Lodha (Macrotech Developers Limited), have raised approximately Rs. 3,547 crores by selling approximately 7.2% of the equity share capital of the company through a Qualified Institutional Placement (QIP) by way of offer for sale.
The issue opened on December 07, 2022 post market and closed on December 12, 2022. The issue was priced at Rs. 1,026 as against the floor price of Rs 1022.75.
Commenting on the development, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd., said “We are pleased that marquee long-only investors such as Capital Group, UBS, ADIA, NinetyOne (formerly Investec), 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. As promoters, we were keen to see that new highquality long-only shareholders become partners in this round of fund raising too enabling company to achieve the stipulated minimum public free float of 25%”.
Pursuant to the QIP, the company and promoters have now raised approximately Rs. 10,000 crores of equity in the last 20 months from some of the world’s most renowned investors, endorsing our optimism in India’s housing sector and confidence in Lodha’s high-quality management as well as its operational excellence.
The Promoters have informed that following this fund raise, their shareholding in the company will be made free of all encumbrances. Having achieved 25% free float, the company in due course will be e ligible for inclusion in various free float linked indices. Jeffries India Private Limited and Kotak Investment Banking acted as Book Running Lead Managers to the transaction.
