Macrotech Developers previously known as Lodha Developers are planning to generate funds through initial public offering launching on April 7.
The company has an objective to raise Rs 2.500 crore from the public issue.
The price band per share is Rs 483-486. The process will start from April 7 to April 9. Also, in the case of offering to institutional buyers, the bidding will take place on April 6.
Including this, this marks the third try of the company to launch its IPO. Before, the company made an effort in the years 2009 and 2018 to list the company but withheld the plans. The delay occurred due to adverse market conditions.
Additionally, the company prearranged shares of amount 30 crores for its entitled employees as a part of the issue.
The minimum quantity of equity shares set for the shareholders is 30 and in multiples of 30 shares. Hence, the minimum application size for a higher amount gives a total of Rs 14,580 per lot.
Further, the objective of the company is to employ the funds for repayment of obligations and land acquisition or rights.
Macrotech Developers started its operation in 1995 and is a Mumbai-based company. It is registered under the name Lodha Developers Limited. It converted as a public limited company on March 14, 2018. Earlier, the company registered as a private limited at the time of its commencement.
It is a real estate company and deals with the development of residential and commercial properties.
The primary underwriters in the public issue are ICICI Securities, Edelweiss Financial Services, IIFL Securities, JM Financial, YES Securities. In addition, SBI Capital Markets and BOB Capital Markets also are the book managers for the issue.
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