Shares of Macrotech Developers Ltd crashed 11% on 13 March, which came a day after the company’s promoter, Sambhavnath Infrabuild and Farms, offloaded 49.7 lakh shares, representing a 0.5% stake in the company.

Sambhavnath Infrabuild and Farms sold 0.5% stake in the company at an average price of Rs 1,180.02 per shares, taking the total transaction value at Rs 586.72 crore.

Earlier this week, the company announced raising Rs 3,000 crore successfully via qualified institutional placement (QIP). The QIP saw participation from noteworthy companies such as GQG Partners, Stitching Depositary APG Emerging Markets Equity Pool, and Invesco Developing Markets Fund.

The most shares in the QIP issue were picked up by Invesco Developing Markets Fund, amounting to 21.4% of the issue size, while GQG Partners picked up 11.2% and Stitching Depositary APG acquired 9%.

This is the fourth round of fundraising done by the company in the last three years, taking the total capital raised to more than 13,000 crore.

In its quarterly report for October-December, the company reported a 25% year-on-year increase in net profit to Rs 505 crore from Rs 405 crore reported in the same quarter last year.

The revenue from operations during the quarter stood at Rs 2,930 crore, marking a 65% YoY increase from Rs 1,774 crore from the same quarter of the previous fiscal year.

At 1:31 pm, the shares of Macrotech Developers were trading 6.28% lower at Rs 1,050.70 on NSE.