Shares of Macrotech Developers (Lodha) slipped 8 percent to Rs 1,010 on the BSE in Thursday’s intra-day trade after nearly 2 percent of the total equity of the real estate developer changed hands on the BSE and National Stock Exchange (NSE) via block deals.
At 09:16 am; around 3.2 million equity shares representing 0.74 percent of the total equity of Macrotech Developers changed hands via block deal on the BSE, data shows. Till 10:11 am; around 6.2 million shares or 1.33 percent of the total equity of the company changed hands on the NSE, data shows. The names of the buyers and sellers were not ascertained immediately.
As per June 2022, shareholding pattern, foreign portfolio investors including New World Fund Inc (2.51 percent), Ivanhoe Op India Inc. (2.13 percent), and the Government of Singapore (1.77 percent) have collectively held 14.54 percent holding in Macrotech Developers. The promoters held an 82.20 percent stake in real estate development.
Macrotech Developers is one of the largest real estate developers driven by a passion for building the world’s finest developments across residential, commercial, and digital infrastructure portfolios. The company has delivered more than 86 million square feet of real estate and is currently developing ~100 million square feet of ongoing and planned portfolios.
In November 2021, Macrotech Developers raised Rs 4,000 crore through qualified institutional placement (QIP) by issuing shares at a price of Rs 1,170 per share. The net proceeds of the QIP were utilized for deleveraging, and capital expenditure including acquisition of land, land development rights, and general corporate purposes.
That apart, Macrotech Developers concluded a joint venture with Morgan Stanley for the development of a Grade A digital industrial park at Palava amongst other land sale transactions with marquee investors.
The company also concluded a Green Digital Infrastructure Partnership with lvanhoé Cambridge (real estate arm of Canadian Pension Fund CDPQ) and Bain Capital.
“The platform will establish a pan-India presence in the digital infrastructure space that includes logistics and light industrial parks and in-city fulfillment centers. The platform will jointly invest about $1 billion to create approximately 30 msq. ft. of operating assets to serve India’s digital economy as well as create new employment,” the company said.
