The shares of one of India’s leading real estate developers surged 3.3 percent to ₹1,221 per share on Tuesday after the company launched a fundraising plan of ₹400 million via QIP.
At 11:45 a.m., on Tuesday, the shares of Macrotech Developers Ltd. were quoted at ₹1,198 a share, up 1.45 percent on the National Stock Exchange, The company has a market value of ₹1,15,594 crores.
The company board approved the fundraising through qualified institutional placement (QIP) to raise around $400 million, or ₹3,300 crore. The capital raised will facilitate land acquisitions and debt repayments.
On March 4, the Qualified Institutional Placement (QIP) was initiated at ₹1,174 per share, with Kotak Mahindra Capital, Jefferies, and BofA Securities serving as the investment banks involved, as reported by MoneyControl.
Macrotech Developers Ltd. is primarily engaged in the business of real estate development. It is among the largest real estate developers in India, with a presence in the MMR (Mumbai Metropolitan Region) and Pune markets.
The core business of the company involves residential real estate development, with a focus on creating premium and luxury developments across different price points. The company forayed into the development of digital infrastructure parks in 2019 and has also entered into a joint venture with funds managed by Bain Capital, Ivanhoe Cambridge, and global investment firms to develop a pan-India green digital infrastructure platform.
In its expansion beyond the MMR region, Macrotech Developers L has formed strategic partnerships with companies based in Bengaluru and Pune. While holding a market share of around 33.9% in Q3 FY23 in South Central Mumbai.
Macrotech Developers shares have gained 63 percent in the last six months and 142 percent in a year.
Year on year, there was a significant 65 percent increase in companies’ revenues, climbing from ₹1,774 crores in Q3FY23 to ₹2,931 crores in Q3FY24. During the specified period, the net profit also saw a notable 25 percent growth, rising from ₹405 crores to ₹505 crores.
Written by Omkar Chitnis
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