Macrotech IPO to open on April 7

New Delhi: Realty major Macrotech Developers, formerly known as Lodha Developers, on Thursday said it has fixed a price band of Rs 483-486 a share for its initial share-sale, which will open for public subscription on April 7.

The issue will close on April 9 and bidding for anchor investors will be open on April 6, Macrotech Developers said in a statement. The initial public offer (IPO) is a fresh issuance of equity shares aggregating up to Rs 2,500 crore. This includes a reservation of equity shares of up to Rs 30 crore to employees.

The Mumbai-based realty firm plans to utilize about Rs 1,500 crore from the net proceeds towards repayment of outstanding borrowings, up to Rs 375 crore for acquisition of land or land developmental rights and for general corporate purposes. This would be the third attempt by Lodha Developers to launch a public issue and list its shares on the stock exchanges.

The company had filed its preliminary papers for the first time in September 2009, to raise about Rs 2,800 crore. It had received Sebi's nod in January 2010 but later shelved the plan due to unfavourable market conditions post the global financial crisis.