Macrotech Developers (LODHA) have soared 14 per cent to Rs 1,459.25 on the BSE intra-day trade after the real-estate developer announced the opening of its qualified institutional placement (QIP) issue to raise Rs 4,000 crore.

With today’s rally, the market price of Macrotech Developers has zoomed 200 per cent against its issue price of Rs 486 per share. The stock had hit a 52-week low of Rs 421 on debut day, i.e. April 19, 2021.

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The floor price of the QIP issue is Rs 1,184.70 per equity share, Macrotech Developers said in a regulatory filing. The floor price is set at a discount of 7.69 per cent to Monday’s closing price of Rs 1,283.45 per share. The company may offer a discount of not more than 5 per cent on the floor price. Close to 34 million new shares will be issued in the QIP. The fundraise will lead to 7.5 per cent dilution.

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. Further, if applicable and to the extent possible, the company proposes to achieve minimum public shareholding as prescribed under the SCRR under this issue.

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