Realtor Lodha Group's promoters sell stake via Rs.3,547-Cr QIP

Macrotech Developers (formerly Lodha Group) has attracted INR 3,547 crore from foreign and domestic institutional investors. Capital Group, UBS, ADIA, NinetyOne (formerly Investec), Nomura, USS, William Blair, MSIM, Amundi and Nippon MF participated in the share sale, joining other investors in the company such as GIC, Ivanhoe Cambridge, Wellington, Platinum, and HDFC MF. It is the biggest qualified institutional placement (QIP) by an Indian corporate this year. The promoters of the company have sold stake by way of an offer for sale in the issue bringing down their holding and help achieve the stipulated minimum public shareholding of 75%. In November last year, the developer had raised INR 4,000 crore from institutional investors through the largest ever QIP by an Indian real estate developer. Prior to that, the company had raised INR 2,500 crore through its initial public offering (IPO) in April 2021. In total, the company and promoters have now raised around INR 10,000 crores of equity capital in the last 20 months.