Macrotech Developers shares fall 3% after promoter sells stake

Shares of Lodha, listed as Macrotech Developers, fell over 3 percent in early deals of March 13, a day after promoter Sambhavnath Infrabuild and Farms sold 49.7 lakh shares, or a 0.5 percent stake, in the real estate developer at an average price of Rs 1,180.02 a share. The transaction was valued at Rs 586.72 crore.

Earlier this week, the company successfully raised Rs 3,000 crore through a qualified institutional placement (QIP). The QIP marks the fourth round of fundraising for the company in the last three years, bringing the total funds raised to more than Rs 13,000 crore.

The news of QIP initially propelled the Macrotech Developers stock to a record high of Rs 1,277.90 on NSE on March 11 but since then, profit booking has led to a decline in the share price.

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Noteworthy participants in the QIP included Rajiv Jain's GQG Partners, Invesco Developing Markets Fund, and Stitching Depositary APG Emerging Markets Equity Pool.

Invesco Developing Markets Fund secured the most shares in the QIP issue, accounting for 21.4 percent of the issue size followed by GQG Partners (11.2 percent) and Stitching Depositary APG (9 percent).

The funds will be used by Macrotech to repay debt, acquire land and cover other expenses.

At 9.28 am, Macrotech shares were trading at Rs 1,104.15 on NSE, down 1.8 percent from the previous close. In the last year, the stock has surged 152 percent, outperforming the Nifty that has gained 30 percent during the period.

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