Macrotech Developers collected Rs 740 crore from 14 anchor investors

Mumbai, 9 April 2021
Real estate development business Macrotech Developers Limited (formerly Lodha Developers) has already raised Rs 740 crore from anchor investors before the IPO. The company’s IPO will hit the market today, Wednesday. Investors can bid until next Friday.

Mumbai-based macrotech developers said this in a filing for the stock market on Tuesday. The company says it has received Rs 740 crore from 14 anchor investors. It has issued 1.52 crore shares to Anchor Invest at a price of Rs 486 per equity.

The price bond per share has been fixed at Rs 483-486 for MacroTech Developers IPO involving land, building development. Macrotech developers were formerly known as Lodha developers. The company’s Rs 2,500 crore IPO will open today and close on 9 April.

The funds raised by the company through an IPO will be used to reduce debt up to Rs 1,500 crore, to acquire land acquisition or land development rights of up to Rs 375 crore, and for additional general company operations.

This is the third attempt by Macrotech to launch an IPO and listing on the stock market. The company first submitted a statement of credit (DRHP) to SEBI in September 2009 to raise about Rs 2,800 crore. It was approved by SEBI in January 2010, but then put the plan aside due to unfavorable market conditions following the global financial crisis. Then in April 2018, the company deposited DRHP and in July 2018, was allowed to bring an IPO to receive Rs 5,500 crore from SEBI. But the market situation did not look good and pushed the plan forward. Now once again the company has entered the IPO market.