Macrotech IPO to open on April 7; price band set at Rs 483-Rs 486

The initial public offering (IPO) of Macrotech Developers, earlier known as Lodha Developers, will be open from April 7-9. The company has priced it between Rs 483 and Rs 486 per equity share.

The IPO comprises fresh issuance of equity shares worth Rs 2,500 crore. Macrotech pla­ns to utilise the offer proceeds to reduce its borrowings amounting up to Rs 1,500 crore and for acquiring land or land developmental rights of up to Rs 375 crore. The rest will be spent on general corporate purposes.

At the top-end of the price band, Macrotech will have a post-diluted market capitalisation of Rs 21,740