Realty firm Macrotech Developers, also known as Lodha Group, has inked a share purchase agreement with Siddhivinayak Realties Private Limited to acquire a 50 per cent stake in the company. Additionally, the firm said it would raise Rs 125 crore through the issue of non-convertible debentures (NCDs).The announcements, which were made after market hours on Thursday, will impact the stock price on Monday (April 1). The equity market is closed on account of Good Friday today.
The realty stock closed 1.58% lower at Rs 1133.75 on Thursday against the previous close of Rs 1151.90 on March 27. Market cap of the firm fell to Rs 1.12 lakh crore. Total 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 2.45 crore on BSE. The realty stock hit a 52 week high of Rs 1277.45 on March 11, 2024 and a 52 week low of Rs 394.50 on March 29, 2023.
Macrotech Developers shares have gained 8 per cent in 2024 and zoomed 188% in a year.
In terms of technicals, the relative strength index (RSI) of Macrotech Developers stands at 52.9, signaling it's trading neither in the overbought nor in the oversold zone. Macrotech Developers shares stand higher than the 10-day, 20-day, 50-day, 100-day and 200-day moving averages.
The total consideration for the acquisition of stake in Siddhivinayak Realties is Rs 250 crore. This will be in the form of transfer of funds through banking channels.
Separately, the Executive Committee of the Board of Directors approved the allotment of 12,500 rated, listed, senior, secured, redeemable, taxable, transferable non-convertible debentures of Rs 1,00,000 each aggregating to Rs 125 crore, said the firm on March 28.
Recently, the realty firm raised Rs 3,300 crore by selling stake to institutional investors. The Qualified Institutional Placement (QIP) was subscribed nearly three times with sovereign funds, pension funds, insurers among others expressing interest in the issue.
Macrotech Developers sells its properties under the Lodha brand and is one of the leading real estate developers in the country.