The company is looking to raise the additional funds in one or more tranches through any of the permissible modes, Lodha said in a regulatory filing.
Lodha’s IPO was priced in Rs 483-Rs 486 band and the issue price was set at Rs 486 per share after witnessing a little over 1-time subscription. The listing price was nearly 10% lower than the issue price. However, the stock has risen over 112% since its listing.
The developer will be seeking shareholders’ nod for the issue in an extra-ordinary general meeting on November 12.
Separately, the company has also reported consolidated net profit of Rs 221.85 crore as against net loss of Rs 359.25 crore a year ago. Revenue from operations rose 136% to Rs 2,124 crore.
“Housing market in the last 9 months has gone from strength to strength. While at the beginning of the year we were quite optimistic about the underlying growth and opportunities available, even we have been pleasantly surprised by the trends on the ground that have emerged during this period,” said Abhishek Lodha, MD & CEO, Macrotech Developers.
According to him, the long-term potential of housing as a wealth creator as well as employment generator is now being well recognized by all stakeholders and enablers for strong multi-year up-cycle in housing demand remain intact.
During the quarter, the company has reported total pre-sales of nearly Rs 3,450 crores including 88% rise in bookings worth Rs 2,003 crores in India and 145 million pounds in the UK. The company’s collections grew 73% to Rs 1,912 crore.
The developer has managed to reduce average cost of borrowing by around 20 basis points on the back of credit rating upgrades. It has inked five joint development agreements for around 4 million sq ft amounting to Rs 4,600 crores gross development value since its IPO in April.
