Macrotech Developers tumbles over 11% as promoter Sambhavnath Infrabuild offloads stake

Shares of Macrotech Developers (formerly known as Lodha Developers) slumped more than 11% on Wednesday, following promoter Sambhavnath Infrabuild and Farms selling a 0.5% stake in the realty major.

Macrotech Developers' promoter Sambhavnath Infrabuild and Farms has reportedly sold 49.7 lakh shares, representing a 0.5% stake, for ₹586.72 crore. The transaction was done at an average price of ₹1,180.02 a share on Tuesday, according to reports.

A day after the promoter reduced its stake in the company, Macrotech Developers shares opened marginally lower and dropped as much as 11.6% to hit a low of ₹990.9 apiece on NSE. The realty stock, however, recovered some losses to trade at ₹1050 apiece, down 7693%, at 13:45 pm.

Last week, Macrotech Developers successfully raised ₹3,000 crore through a qualified institutional placement (QIP), which was the fourth round of fundraising for the company in the last three years.

The fundraising through QIP helped the shares of Macrotech Developers to reach a fresh 52-week high of ₹1,277.9 on NSE on March 11. However, profit booking and a subsequent reduction in promoter stake have since led to a decline in its stock price.

Participants in the QIP included GQG Partners led by Rajiv Jain, Invesco Developing Markets Fund, and Stitching Depositary APG Emerging Markets Equity Pool.

"The entire book was allocated to marquee long only global investors. Existing shareholders of the company such as Capital Group, GQG, Nomura, ADIA, HDFC Life reaffirmed their faith in the company by enhancing their investment through this QIP," the company said in an exchange filing.

The QIP also saw new marquee investors like Invesco Oppenheimer, Blackrock, Carmignac, Franklin Templeton, Norges, Lazard, APG and RWC. These new marquee investors endorse the growth potential of the housing industry and Macrotech Developers’ leadership position in the sector, the company said.