Shares of Macrotech Developers surged around 4 percent in opening trade on March 11 and hit a fresh record high of Rs 1,277.90 after the company raised Rs 3,300 crore through qualified institutional placement (QIP).
At 10.06 am, shares of Macrotech Developers were trading off the day's high at Rs 1,195 on the NSE.
The news of the company raising funds through the QIP route had pushed the stock to record high in the previous session as well. However, profit booking soon crept in, pushing the stock to close in the red territory.
However, sentiment around the fund raise remained upbeat as prominent names like Rajiv Jain's GQG Partners, Invesco Developing Markets Fund and Stitching Depositary APG Emerging Markets Equity Pool participated in the QIP.
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Invesco Developing Markets Fund was allotted the most shares via this QIP at 21.4 percent of the total issue size, followed by GQG Partners with 11.2 percent of the QIP issue, and Stitching Depositary APG Emerging Markets Equity Pool with 9 percent of the QIP issue.
The company plans to use the proceeds from the fund raise to repay debt, acquire land and cover other expenses.
The latest QIP also marks the fourth round of fund raise for the company in the last three years. The real estate developer has raised over Rs 13,000 crore through the four fund raises.
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