Realty major Lodha Group, listed as Macrotech Developers, has launched its qualified institutional placement (QIP) issue to raise Rs 3,500 crore, sources privy to the developments told CNBC-TV18. The developer will be issuing around 3.4 crore new shares through this issue resulting in about 7.18 percent dilution in the company to achieve the minimum public shareholding requirement, according to multiple people familiar with the development.

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The floor price for the issue is Rs 1,022.75 per share, sources in the know told CNBC-TV18. Floor price refers to the minimum price in a share issuance programme.

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The QIP consists of an offer for sale (OFS) of equity shares from members of the promoter group, sources close to the development said. Currently, the promoter shareholding stands at 82.2 percent in the real estate developer. Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. It has a major presence in the Mumbai Metropolitan Region (MMR) and Pune property markets, while recently making an entry into the Bengaluru market with one housing project.

During the April-September period, the company has clocked record sales bookings of Rs 6,004 crore against Rs 2,960 crore in the corresponding period of the previous year. It has already met more than half of its Rs 11,500-crore sales guidance for the full 2022-23 financial year.

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Recently, Macrotech Developers reported a consolidated net loss of Rs 933 crore for the quarter that ended September due to provisions made for a loan given to its British arm for the development of projects. Its net profit stood at Rs 223.36 crore in the year-ago period. The profit (excluding exceptional items and forex) stood at Rs 367 crore, up 28 percent year-on-year.

The company's total income also fell to Rs 1,761.23 crore in the second quarter of this fiscal from Rs 2,137.76 crore in the year-ago period. Macrotech suffered a loss because of an exceptional item of Rs 1,177 crore. Macrotech Developers has delivered more than 89 million square feet of real estate and is developing around 100 million square feet under its ongoing and planned portfolio.

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The Lodha Group has about 4,400 acres of land beyond its ongoing and planned portfolio, which will be utilised in developing further residential, commercial and industrial and logistics spaces.

(Edited by : Shoma Bhattacharjee)

First Published:Dec 7, 2022 6:55 PM IST