Mumbai-based real estate major Macrotech Developer’s limited, which is also renowned as just entered into a share purchase agreement of purchasing a 50% stake in the paid-up equity capital of Siddhivinayak Realties Pvt. Ltd. The aggregate amount for purchasing the shares, as well as securities and instruments, amounts to Rs.250 crore. The transfer of funds will be conducted via banking channels.
Siddhivinayak Realties specializes in real estate development and holds ownership of multiple pieces of land, including the rights to develop the free sale section of an SRA project in Mumbai. The transaction is expected to be finalized within a week.
The company informed, the acquisition is through a wholly owned subsidiary of the company and does not fall under related party transactions and the promoter/ promoter group/ group companies do not have any interest in SRPL.
As recorded till March 31, 2023, Siddhivinayak Realties had a net worth of nearly Rs.84 crore, whereas its turnover for the last three financial years has been nil. They have recently raised Rs.3,300 crore through a QIP with existing shareholders like Capital Group, GQG, Nomura, Abu Dhabi Investment Authority being allotted shares. Invesco Oppenheimer, Blackrock, Franklin Templeton and others were also allotted shares in the issue.
Renowned brokerage firm Jefferies expects shares of Macrotech to triple over the next five years, setting a price target of Rs.3,000 by financial year 2029.The brokerage said that, Macrotech is a key beneficiary of the currently underway housing upcycle. The company also has a 600 million square feet township landbank in the Mumbai suburbs, which is seeing rapid infrastructure development. On Thursday, the share of Macrotech developers stood at Rs. 1,128 with 1.7% lower rate. The stock is up 160% over the last 12 months.
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