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The shares of Macotech Developers (Lodha) tanked 8% to ₹1010 on the Bombay Stock Exchange on Thursday’s intraday trade. This happened after Ivanhoe, the real estate arm of the Canadian pension fund CDPQ, sold a 1.5 per cent stake via block deals. 

Macrotech Developers is one of the biggest real estate developers and it takes up development projects throughout a portfolio of residential, commercial, and digital infrastructure. It has delivered more than 86 million square feet of real estate and is currently developing ~100 million square feet of an ongoing and planned portfolio.

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The company’s shareholding pattern as of June 2022 shows foreign portfolio investors in the company, including New World Fund (2.51 per cent), Ivanhoe Op India (2.13 per cent), and the Government of Singapore (1.77 per cent). Its promoters held an 82.20 per cent stake.

Macrotech Developers partnered with Bain Capital and Ivanhoé Cambridge in May 2020, to develop a next-generation green digital infrastructure platform.

As per data available on the BSE’s website,  around 3.2 million equity shares representing 0.74 per cent of the total equity of Macrotech Developers changed hands via block deal on the BSE at 09:16 AM. 

6.2 million shares or 1.33 per cent of the total equity of the company changed hands on the NSE until 10:11 AM. The names of the buyers and sellers were not known immediately.

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Written by Simran Bafna


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