It has been reported that the Lodha will issue 3.4 crore shares to qualified institutional investors at a floor price of Rs 1184.7 per share.
A discount of 7.8 percent to Monday’s closing price of Rs 1283.45, according to the terms sheet issued by the bankers to the deal.
The issue will consist of 100 percent primary issuance, and the transaction will result in a 7.5 percent stake dilution.
Bank of America Securities, JP Morgan, and Kotak are managing the share sale, the terms sheet showed, the company said.
Land Development Rights
“The Company intends to use the net proceeds for various purposes, including but not limited to, capital expenditure including acquisition of land, land development rights or development rights, deleveraging and general corporate purposes,” the terms of the transaction showed.
Macrotech shares have rallied 98 percent in the last six months.
Initial Public Offering
The company raised Rs 2500 crore from the primary market through an initial public offering at Rs 486 per share in April this year, the company said.
The stock has rallied 164 percent since its listing.
As of March 31, 2021, Lodha has around Rs 6,000 crore of debt maturities in India operations over the next 24 months. (The Economic Times)
