Macrotech Developers shares rise 3%; board okays QIP closure, offer price at Rs 1,026 per share

Shares of Macrotech Developers (Lodha) were trading 3 per cent higher in Monday's trade, as the company said the MPS Committee of its board has approved the closure of the qualified institutional placement (QIP) offer.

The board has determined and approved the offer price of Rs 1,026 per equity share, which was Rs 3.25/- above the floor price of Rs 1,022.75 per share.

It has also determined with the selling shareholders as per the formula prescribed under Regulation 176(1) of the SEBI ICDR Regulations, for the equity shares to be transferred to the eligible qualified institutional buyers in the offer.

Macrotech Developers said its board has approved and finalised the confirmation of allocation note to be sent to the eligible qualified institutional buyers, intimating them of transfer of shares pursuant to the offer.

It has also approved and adopted the placement document dated December 12 in connection with the offer.

"The meeting of the Committee commenced at 11.30 a.m. and concluded at 12.00 noon. We request you to take the above on record and the same be treated as compliance under the applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended," thecompany said in a BSE filing.

The company had informed stock exchanges about that qualified institutions placement on December 7. The QIP consisted of an offer for sale of shares by Sambhavnath Trust, Sambhavnath Infrabuild and Farms, Hightown Constructions and Homecraft Developers and Farms. They were the members of promoters and promoter group of the company.

The QIP was made for the purpose of achieving minimum public shareholding in terms of the Securities Contracts (Regulation) Rules, 1957, as amended.

The stock rose 3.4 per cent to hit a high of Rs 1,092.50 on BSE.

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