Shares of real estate firm Macrotech Developers Ltd plunged more than 11% on Wednesday, a day after the company's promoter, Sambhavnath Infrabuild and Farms, divested a stake in the company.
Sambhavnath Infrabuild sold a total of 49.7 lakh shares, amounting to a 0.5% stake in Macrotech Developers. The shares were offloaded at an average price of ₹1,180.02 apiece, with the total transaction amounting to ₹586.72 crore.
Reacting to the development, shares of Macrotech Developers declined as much as 11.49% to a low of ₹990.95 apiece on BSE.
Earlier this week, the real estate developer mobilised ₹3,300 crore through its Qualified Institutional Placement (QIP).
This QIP represents the company's fourth fundraising round in the past three years.
The company plans to use the funds raised to repay debts, acquire land, and cover various expenses.
Macrotech Developers concluded its QIP on Thursday, setting the issue price at ₹1,098 per share, reflecting a discount of 2.79% from the floor price of ₹1,129 per share.
Rajiv Jain-led GQG Partners were among the six entities that were allotted shares by Macrotech Developers after its Qualified Institutional Placement.
Apart from GQG Partners, other entities who were allotted shares were -- New World Fund, HDFC Life Insurance, Invesco, Nomura and Stitching Depository EM Equity Pool.They were allotted 5% or more shares of the QIP.
In an interaction with CNBC-TV18 in January, Abhishek Lodha expressed confidence that Macrotech would achieve its guidance of 20% bookings growth. He also mentioned a price growth of 6% to 8%.
At 12.22 PM, shares of Macrotech Developers were trading 8.19% lower at ₹1,027.95 apiece on BSE.
(Edited by : Ajay Vaishnav)
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