Macrotech Developers raises ₹3,281 crore via QIP. Details here
Summary
Indian realty major Macrotech Developers Ltd has raised 3,281 crore through the issuance of shares to qualified institutional buyers. The money raised through the Qualified Institutional Placement (QIP) is aimed at repaying the company debt, acquiring land, and covering other expenses. The Macrotech Developers QIP opened on 4th March 2024 and ended on 7th March 2024.The Qualified Institutional Buyers who invested in Macrotech Developers in the current offer include Nomura Funds Ireland Public Limited, GQG Partners, HDFC Life Insurance, and Invesco Funds.Informing Indian stock market exchanges about the money raised, Macrotech Developers said, "Please note that the Committee for Fund Raise of the board of directors of the Company (Committee") has, at its meeting held today i.e., March 7, 2024, approved the allotment of 2,98,89,353 Equity Shares of face value 10 each to eligible qualified institutional buyers at the issue price of 1,098 per Equity Share (including a premium of 1,088 per Equity Share) against the floor price of 1,129.48 per Equity Share, aggregating to 32,818.51 Million, pursuant to the Issue. Net investment made by Nomura Ireland Fund in the company is 2,35,13,86,764 or 235.14 crore.Milestone Alert! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed its all here, just a click away!