Macrotech Developers aims to raise Rs 2,500 crore through IPO; real estate firm issue opens on 7 April – Business News , Firstpost

The shares of the real estate firm, previously generally known as Lodha Developers, can be provided at a worth band of Rs 483-486; the proceeds from the IPO can be used to repay its Rs 1,500 crore debt in addition to in the direction of land acquisition and different company bills

Macrotech Developers Ltd, previously generally known as Lodha Developers, is all set to open its preliminary public providing (IPO) on 7 April. The Mumbai-based firm plans to raise Rs 2,500-crore through it. The worth worth per share can be round Rs 483-486. The issue will stay open until 9 April.

One can bid for no less than 30 fairness shares for round Rs 14,580. There is a reservation of 50 p.c of the web issue for the certified institutional consumers (QIBs), 15 p.c for non-institutional traders and the remaining 35 p.c has been reserved for the retail class, reported Financial Express.

According to a report in The Hindu Businessline, SEBI permitted the Macrotech Developers IPO final month. The firm had filed a Draft Red Herring Prospectus (DRHP) on 16 February.

Macrotech has employed 10 corporations as managers to the issue. Axis Capital Ltd, Kotak Mahindra Capital Company Ltd and JP Morgan India Private Ltd and can handle the issue globally. On the home entrance, the IPO can be taken care of by Edelweiss, JM Financial, IIFL Securities, Yes Securities, ICICI Securities SBI Capital and BoB Capital.

The real estate firm plans to repay its Rs 1,500 crore debt through the IPO and can utilise round Rs 375 crore for land acquisition and different company bills.

In the previous, the corporate had tried to launch its IPO twice. In September 2009, it had tried to raise Rs 2,800 crores, however had to cancel the issue due to the worldwide recession. The IPO was once more launched in 2018 however was shelved due to antagonistic situations available in the market.

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