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BSE-listed Poddar Developers said it has raised ₹125 crore through stake sale, making it one of the first to raise capital through qualified institutional placement in the real estate sector, a company statement said. Poddar has presence in the affordable housing segment in Mumbai.
Equirus Capital was the lead book manager for the transaction.
Excess demandThe statement said that the QIP witnessed strong demand from high quality funds spread across the Asia-Pacific region and India and saw excess demand of over 25 per cent over and above the issue size.
The QIP was successfully completed despite a sharp run-up in the stock and was closed at 52.9 per cent premium to the three-month price.
This is the second QIP closed by Equirus Capital in the last five months. The transaction was completed in less than 60 days from inception. Poddar Developers has completed projects with saleable area exceeding 10 lakh sq ft, comprising over 2,400 units, across residential units and retail shops.
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