The counter fell to a low of Rs 1,232.90 as against the previous close of Rs 1,354.90 on the BSE.
Macrotech Developers, which currently has projects in Mumbai and Pune, said it will invest Rs 3,000 crore equity capital for growth as it seeks to increase annual sales bookings by almost three times to Rs 20,000 crore by 2025-26 (Apr-Mar), PTI reported, quoted a senior official of the company.
Macrotech Developers had reported sales bookings of Rs 5,970 crore during the last fiscal year and is targeting to achieve Rs 9,000 crore in the current 2021-22.
“Our core strategy is to grow in MMR (Mumbai Metropolitan Region) and Pune. We are exploring the Bengaluru market right now because we believe that the tech revolution that is happening in the country, Bengaluru will be a big beneficiary of it,” Managing Director and Chief Executive Officer Abhishek Lodha said to PTI.
Macrotech had recently raised Rs 4,000 crore through a Qualified Institutional Placement (QIP).
According to Lodha, the Rs 3,000 crore that has been set aside for growth would be used for making upfront payments for joint development agreements with landowners and working capital and Macrotech aims to enter into multiple such agreements in October-March, with a sales potential of Rs 7,000-10,000 crore.
In April, Macrotech Developers made its debut on stock exchanges by raising Rs 2,500 through an IPO. The company posted a consolidated net profit of Rs 223.36 crore for the quarter ended September. It had posted a net loss of Rs 362.58 crore in the year-ago period.
