On the block would be a fresh issuance of equity shares of aggregating up to Rs 2,500 crore. Shares worth up to Rs 30 crore would be set aside for eligible employees. The qualified institutional buyers’ (QIB) quota has been fixed at 50 per cent, the HNI quota at 15 per cent and the quota for individual bidders at 35 per cent.
Macrotech Developers is among the largest real estate developers in India by residential sales value for financial years 2014 to 2020. As of December 31, 2020, Lodha had completed approximately 77.2 million square feet of developable area across 91 projects. It has 54 ongoing and planned projects having approximately 73.8 million square feet developable area.
In 2019, the company forayed into the development of logistics and industrial parks and entered into a joint venture with ESR Mumbai 3 Pte, a subsidiary of ESR Cayman, an Asia Pacific focused logistics real estate platform.
The company proposes to utilise the net proceeds from the fresh issue towards reduction of aggregate outstanding borrowings of the company amounting up to Rs 1,500 crore, acquisition of land or land developmental rights aggregating up to Rs 375 crore and for general corporate purposes.
Axis Capital, JP Morgan India, Kotak Mahindra Capital Company are the global coordinators and book running lead managers to the Issue. ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities, SBI Capital Markets and BOB Capital Markets are the book running lead managers to the issue.
