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Marathon Nextgen Realty Ltd (MNRL) has raised INR 900 crore through a Qualified Institutions Placement (QIP) to support expansion across the Mumbai Metropolitan Region. The QIP, priced at INR 555.13 per share, drew strong interest from top institutional investors like Quant Mutual Fund and Kotak Alternate Asset Managers. Post-issue, FII and DII holdings stand at 9.9% and 16.66% respectively. The funds will bolster MNRL's development pipeline, reduce debt, and enhance its financial strength. CMD Chetan Shah called the raise a strong endorsement of the company's strategy. The move follows MNRL's amalgamation scheme aimed at consolidating assets and improving governance for future growth.
Marathon Nextgen Realty Ltd (BSE: 503101) (NSE: MARATHON) ("MNRL"), one of Mumbai's leading real estate development companies, has successfully completed a Qualified Institutions Placement (QIP), raising Rs. 900 crore (US$ 105 million). The QIP proceeds will primarily be used as growth capital, enabling the company to expand its development pipeline and invest in high-potential opportunities across the Mumbai Metropolitan Region. Advertisement
This capital infusion will further strengthen the company's financial foundation with its net debt-to-equity ratio expected to reduce further from the current 0.46 following the planned debt reduction.
The QIP was executed through the issuance of 1,62,12,406 equity shares at INR 555.13 per share (face value INR 5 each). The offering, which closed on June 30, 2025, attracted strong participation from leading institutional investors including Quant Mutual Fund, Kotak Alternate Asset Managers, and Samco Mutual Fund, among others.
This QIP has significantly enhanced MNRL's institutional investor base, with Foreign Institutional Investor (FII) holding increasing to 9.9% and Domestic Institutional Investor (DII) holding rising to 16.66% post-issue.
Management Commentary Mr. Chetan Shah, CMD of MNRL, said, "This successful capital raise of INR 900 crore represents a decisive vote of confidence from marquee institutional investors in our vision and execution capabilities.
Additionally, our recently approved amalgamation scheme-bringing promoter group entities and their assets under the MNRL-will consolidate our land bank, projects and inventory, creating an efficient operating structure with better corporate governance. We are at a strategic inflection point, equipped with the right capital, a robust asset base, and a clear long-term vision to drive the next phase of MNRL's evolution.", he added.
Founded in 1969 by Ramniklal Zaverbhai Shah, Marathon Group has completed over 100 projects in the city with a portfolio encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. The Group has ongoing projects and land banks at Lower Parel, Byculla, Mulund, Bhandup, Thane, Dombivli and Panvel.
Source: PTI
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