INSUBCONTINENT EXCLUSIVE:
Shares of Mumbai-based real estate developer Macrotech Developers rose as much as 12.5 per cent to hit record high of Rs 1,443.60 after the
company post market hours on Monday informed stock exchanges that its board of directors will meet on November 18, Thursday to consider fund
raising by allotting equity shares to qualified institutional buyers
Meanwhile, according to a Reuters report, the company has raised Rs 4,028 crore by issuing 3.4 crore shares via a qualified institutional
placement (QIP).On Monday, Macrotech approved opening of the QIP and set a floor price for the issue at Rs 1,184.70 per share, a 7.8 per
cent discount to its closing price on November 15, according to Reuters.A QIP helps publicly-listed companies raise capital from domestic
markets without the usual standard regulatory compliance and allows only institutional investors to take part in the offer.Macrotech,
formerly known as Lodha Developers, had also said it may offer an additional 5 per cent discount on the floor price.The company, which has
most of its residential projects concentrated in the country's financial capital of Mumbai, had seen a tepid market debut on Indian
exchanges in April earlier this year.Since listing, shares have rallied over 188 per cent.As of 12:24 pm, Macrotech Developer shares traded
11.18 per cent higher at Rs 1,427, massively outperforming the Sensex which was down 0.13 per cent.
