Macrotech Developers climbs on raising Rs 3,300 crore via QIP
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Macrotech Developers is currently trading at Rs. 1202.00, up by 30.15 points or 2.57% from its previous closing of Rs. 1171.85 on the BSE.
The scrip opened at Rs. 1195.30 and has touched a high and low of Rs. 1277.45 and Rs. 1186.10 respectively. So far 12903 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1,277.45 on 11-Mar-2024 and a 52 week low of Rs. 390.33 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1,277.45 and Rs. 1127.00 respectively. The current market cap of the company is Rs. 121095.52 crore.
The promoters holding in the company stood at 74.92%, while Institutions and Non-Institutions held 24.29% and 0.78% respectively.
Macrotech Developers has raised Rs 3,300 crore by selling shares to institutional investors. The Qualified Institutional Placement (QIP) was oversubscribed nearly 3 times within 5 hours of issue opening and witnessed traction from a diversified set of investors with a long-term outlook, including sovereign funds, pension funds, insurers etc. This is the fourth equity raise by Macrotech Developers in the last 36 months and the company has raised over Rs 13,000 crore. The entire book was allocated to marquee global investors.
Macrotech Developers is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.
