NEW DELHI: As Macrotech Developers readied to hit the market with its IPO, what is puzzling investors is the name change: after all the branding and projects launched under the Lodha name, Lodha Developers changed its name.
The management says that is no rocket science. “The company had a merger of its existing company, Macrotech Developers, in 2019. At that point in time, as per the board’s decision, it was chosen to retain the name of that merged entity,” said Abhishek Lodha, Managing Director and Chief Executive Officer of Macrotech Developers.
The company plans to raise Rs 2,500 crore via the IPO, with primary focus on reducing its debt. At the upper end of the IPO price band, Macrotech will have a market capitalisation of about Rs 21,750 crore. DLF with a market cap of Rs 69,000 crore and Godrej Properties with Rs 38,000 crore are currently valued more than Macrotech’s estimated valuation.
Early last summer, Chinese and Indian armies clashed in a surprise border battle in the remote Galwan Valley, bashing each other to death with rocks and clubs.
Four months later and more than 1,500 miles away in Mumbai, rains shut down and the stock market closed as the power went out in a city of 20 million people. Hospitals had to switch to emergency generators to keep ventilators running amid a coronavirus outbreak that was among India’s worst.
Now, a new study lends weight to the idea that those two events may have been connected as part of a broad Chinese cyber campaign against India’s power grid, timed to send a message that if India pressed its claims too hard, the lights could go out across the country.
Mukesh Ambani poorer by Rs 23,871 crore in stocks crash as Sensex slips below 50K
Share
Synopsis
The ordinary shares of Reliance Industries closed down 3.52 per cent at Rs 2,007.40. The partly-paid shares slumped 4.52 per cent to Rs 1,133.70.
The equity wealth of Mukesh Ambani and his family, which is largely concentrated in RIL, declined to Rs 6,47,421 crore from Rs 6,71,292 crore on Friday.
Related
NSE
Explore Now
NEW DELHI: Mukesh Ambani, the richest man in India, lost Rs 23,871 crore as investors dumped Reliance Industries (RIL) stocks along with other high-flying names on Monday as rising coronavirus cases spooked markets.
RIL shares also took a hit after the Supreme Court halted the Reliance Retail deal to acquire Future Group assets. Interestingly, the deal size at Rs 24,713 crore was similar to Ambani’s wealth loss on Monday.