Shares of Mumbai-based real estate developer Macrotech Developers surged 12.5 per cent to a record high of Rs 1,443.60 after the company on Monday informed stock exchanges that its board of directors would meet on Thursday, November 18, to discuss the fund’s can be considered. Mobilization by allotting equity shares to qualified institutional buyers. Meanwhile, according to a Reuters report, the company has raised Rs 4,028 crore by issuing 3.4 crore shares through qualified institutional placement (QIP).
On Monday, Macrotech approved opening of the QIP and fixed the floor price for the issue at Rs 1,184.70 per share, which is a discount of 7.8 per cent from its November 15 closing price, according to Reuters.
QIP helps publicly listed companies to raise capital from domestic markets without the usual standard regulatory compliance and allows only institutional investors to participate in the offer.
Macrotech, formerly known as Lodha Developers, had also said it may offer an additional 5 per cent discount on the floor price.
The company, with most of its residential projects concentrated in the country’s financial capital Mumbai, saw a weak market opening on Indian exchanges in April earlier this year.
The shares have gained over 188 per cent since the listing.
As of 12:24 pm, shares of Macrotech Developer were trading 11.18 per cent higher at Rs 1,427, outperforming the Sensex by a massive 0.13 per cent fall.
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