Macrotech Developers’ promoters have raised Rs 3,547 crore through Qualified Institutional Placement (QIP) by selling shares to institutional investors including ADIA for bringing down their stake in the company to 75 per cent and meet the minimum public shareholding norm of 25 per cent. Last week, Macrotech Developers had launched QIP of equity shares. The issue closed on December 12, 2022.
The QIP consisted of an offer-for-sale (OFS) of shares by promoter group entities -- Sambhavnath Trust, Sambhavnath Infrabuild and Farms, Hightown Constructions and Homecraft Developers and Farms. The issue was priced at Rs 1,026 as against the floor price of Rs 1,022.75.
Macrotech Developers is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.
