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NEW DELHI: Sambhavnath Trust, Sambhavnath Infrabuild & Farms, Hightown Constructions and Homecraft Developers & Farms (Selling Shareholder), Promoters and being members of the Promoter Group Macrotech Developers (the former Lodha DevelopersThe company has raised approximately Rs 3,547 crore by selling approximately 7.2% of the equity share capital of the company through Qualified Institutional Placement (QIP), the company said in a BSE filing.
“…the MPS Committee of the Board of Directors of the Company at its meeting held today i.e. December 12, 2022 has approved the transfer of 3,45,70,506 Equity Shares of face value of Rs.10 each each to Qualified Institutional Buyers. … at an offer price of Rs 1,026 per equity share i.e. Rs 3,547 crore above the floor price of Rs 3.25 per equity share, taking the total to Rs 3,547 crore.filing.
The issue opens in the post market on December 7, 2022 and closes on December 12, 2022.
Abhishek LodhaMD & CEO of the company said, “We are delighted that long-standing investors such as Capital Group, UBS, ADIA, Nineteen (formerly Investec), Nomura, USS, William Blair, MSIM, Amundi and Nippon MF have participated in this round. Share sale, joining other investors in our company such as GIC, Ivanhoe Cambridge, Wellington, Platinum and HDFC MF.”
Under the QIP, the company and the promoters have now raised approximately Rs. 10,000 crore equity in the last 20 months.
The promoters have informed that post this fund raising, their shareholding in the company will be free from all encumbrances. The media release states that after achieving 25% free float, the company will be eligible to be included in various free float linked indices.
Jefferies India And Kotak Investment Banking Acted as Book Running Lead Manager for the transaction.
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