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The board of directors at Macrotech Developers have taken a significant step by approving the issue price for equity shares, specifically those designated for qualified institutional buyers. This pivotal decision was disclosed through an official filing with the Bombay Stock Exchange (BSE). The floor price for these equity shares has been determined using the prescribed formula under Regulation 176(1) of the SEBI ICDR Regulations and stands at INR 1,129.48 per equity share. It's worth noting that the company has the flexibility to provide a discount, albeit not exceeding 5% of the calculated floor price for the upcoming issue.
For Macrotech Developers, the figures for the nine months ending December 31, 2023, underscore a robust performance. The company reported a total consolidated income amounting to INR 6,385.60 crore during this period, with a commendable net profit of INR 887.20 crore. Such financial stability and profitability are likely to enhance investor confidence as the company proceeds with its strategic moves.
In the context of capital structure and shareholder value, Macrotech Developers, during the aforementioned period, strategically allocated 48,18,05,547 fully paid-up bonus equity shares, each valued at INR 10. This allocation was facilitated by utilizing a substantial sum of INR 4,818 million from the securities premium and capital redemption reserve. This move is indicative of the company's commitment to optimizing its capital structure and enhancing shareholder value through prudent financial management.
Moreover, the company has demonstrated its dedication to rewarding shareholders by declaring a dividend of INR 2 per share. This dividend represents 20% of the fully paid-up pre-bonus equity shares of INR 10 each. The total payout for this dividend stood at INR 964 million for the financial year ending March 31, 2023. Such shareholder-friendly initiatives not only instill confidence among existing investors but also make the company an attractive proposition for potential investors looking for a balanced combination of capital appreciation and dividend income.
As Macrotech Developers gears up for the equity shares' allotment to qualified institutional buyers, the approval of the issue price is a crucial milestone in its strategic journey. The company's proactive approach in aligning its capital structure, financial performance, and shareholder rewards positions it favorably in the real estate sector, where financial prudence and investor confidence play pivotal roles in sustaining growth.
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