Realty firm Macrotech Developers Ltd plans to raise up to Rs 4,000 crore through issue of securities for future growth and is also considering setting up a funding platform along with global investors to develop data centres and industrial & logistic parks.
Mumbai-based Macrotech Developers, which markets its properties under Lodha brand, got listed on stock exchanges in April this year after raising Rs 2,500 crore through an initial public offering (IPO).
"Company intends to raise up to Rs 40 billion of growth capital in the next 12 months,” Macrotech said in its investors presentation.
On Thursday, the company’s board of directors approved the proposal of raising funds up to Rs 4,000 crore by way of further issuance of securities, subject to shareholders approvals.
"Propose to raise growth capital for deployment in next 15-18 months, by when the earlier deployed investments in JDA (joint development agreement) will start coming back,” the presentation said.
With growth capital, the company can add around Rs 40,000 crore of GDV (gross development value), significantly accelerating growth, the company said.
On JDA projects, Macrotech said that the company has signed five JDAs since the IPO with a cumulative GDV of Rs 4,600 crore.
"Robust JDA pipeline of around Rs 7,000 to Rs 10,000 crores for 2HFY22 (second half of the current fiscal),” the presentation said.
Macroctech Developers is also betting big of digital infrastructure development, which includes data centre and industrial & logistic parks, as the company has a huge land bank in the Mumbai Metropolitan Region (MMR).
It is doing both outright sale and leasing of space in logistics and warehousing parks.
"Long term investors wanting to form strategic partnership to capture the opportunity around Digital Infrastructure (DI) development,” the presentation said.
Abhishek Lodha, MD & CEO, Macrotech Developers Ltd, had said the demand for digital infrastructure continues to remain strong.
"We are also advancing a pan-India platform with marquee international investors and this, once it crystallises, will provide us with a second growth driver,” Lodha added.
Giving update of its digital infrastructure vertical, Macrotech said it has tied up monetisation for around 220 acres till date.
It sold around 27 acres land parcels in the second quarter of FY22 including 22 acres to Flyjac Logistics (subsidiary of Hitachi Transport System Group), a Japanese 3-PL (third party logistic) company.
The company informed that "due diligence in advance stages for 40 acres land" with an e-commerce player.
"Significant traction has been seen from end users from diverse industries e.g. life sciences, building materials, cooling System Manufacturer, 3-PL etc,” the presentation said.
On Thursday, Macrotech reported its consolidated net profit at Rs 223.36 crore for the quarter ended September.
The company had posted a net loss of Rs 362.58 crore in the year-ago period.
Total income in the second quarter of this fiscal more than doubled to Rs 2,201.66 crore from Rs 988.18 crore in the corresponding period of the previous year.
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