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Macrotech Developers Limited IPO received bids of 4,94,64,480 shares

The IPO was a fresh issuance of equity shares of Rs 10 face value aggregating up to Rs. 2500 crore. The minimum bid lot was of 30 equity shares, thereafter in multiples of 30 equity shares. The price band has been fixed at Rs. 483 – Rs. 486 per Equity Share.
Affordable and Mid-Income Housing focused Macrotech Developers Limited also known as Lodha Developers has received bids of 4,94,64,480 shares against the offered 3,61,93,415 equity shares. This is the third attempt by Macrotech to launch its IPO after its first two attempts—in 2009 and 2018—failed following the global financial crisis and the IL&FS collapse, respectively.
The developer plans to raise Rs 2,500 crore through the IPO which comprises a fresh issue of 5.14 crore shares at Rs 483-486 apiece. It will use the proceeds to repay debt worth Rs 1,500 crore and acquire land and development rights worth Rs 375 crore and use the rest for general corporate purposes.

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