Marcotech Developers raises Rs 4k cr by selling shares to investors

Sources told the media that Marcotech Developers has generated Rs 4,000 crore from selling its shares to institutional investors. On Monday, the company launched and closed the Qualified Institutional Placement (QIP) to raise funds. It has raised nearly Rs 4,000 crore through the QIP route, though the demand was for shares of Rs 12,500 crore. After the QIP issues, the promoters shareholding declined to 82.5%. The company has two and a half years to fulfil the minimum requirement of 25% public shareholding. In April, Marcotech Developers got its listing on the stock exchanges by raising Rs 2,500 through an initial public offer (IPO). It is one of the leading realty developers in the country under the brand name of Lodha. The company sold its properties of Rs 3,000 crore in April-September on better demand and planned to double its sales bookings in the second half (H2) of FY22 to reach a Rs 9,000 crore target in FY22. The company's sales booking stood at Rs 5,970 crore during the last fiscal year. The company focuses on Mumbai Metropolitan Region (MMR) and Pune markets. It has a debt of around Rs 12,500, which will be reduced to Rs 10,000 crore by the end of FY22. Recently, the company reported a consolidated net profit of Rs 223.36 crore during the September ending quarter. However, it also reported a net loss of Rs 362.58 crore during the same period last year. Its total income has increased to twice to Rs 2,201.66 crore in the second quarter (Q2) of FY22 from Rs 988.18 crore during the same period last year. Image Source Also read: Macrotech Developers Q2 FY22 sales: Bookings jump to Rs 2,003 cr