Lodha Developers slide as ₹3,412 crore block deals hit

What happened in Wednesday’s real estate block deals

Shares of Oberoi Realty and Lodha Developers (Macrotech Developers) came under pressure after large institutional block deals on Wednesday. The combined value of the transactions was reported at $195 million, or ₹3,412 crore, executed through open market trades. Market reports said the trades involved the sale of institutional stakes in both companies. The selling weighed on real estate counters more broadly, with the Nifty Realty index falling 2.90% during the session.

In separate reporting around the same set of transactions, Invesco Developing Markets Fund was named as a seller in both stocks, though there was no official confirmation of the counterparties in the block deals. Goldman Sachs acted as the sole placing agent for both transactions, according to the reports.

Invesco’s reported divestment in Oberoi Realty and Lodha Developers

Invesco Developing Markets Fund divested holdings in two major real estate companies, according to the details cited in the coverage. In Oberoi Realty, the fund sold a significant portion of its stake in a deal valued at ₹1,883.2 crore. Invesco also offloaded shares of Lodha Developers in a transaction valued at ₹1,319.2 crore. These bulk deals were reported to have taken place on Wednesday.

Separately, Bloomberg News reported that Oberoi Realty saw a large trade of 1.11 crore shares, representing 3.1% equity, at a price of ₹1,762 per share. The same report said the Oberoi block trade involved shares worth $130 million being offloaded at a 4% discount to the last traded price. While some reports named Invesco as the seller, at least one outlet noted it was yet to independently verify the identity.

Lodha Developers block deal: size, stake, and pricing

For Lodha Developers, multiple reports converged on a block deal of about 98 lakh to 99.51 lakh shares, representing 1% of the company’s equity. One report quantified the block as around 9.8 million shares, also described as 98 lakh shares, for $165 million, or ₹1,424.97 crore. Another report pegged the rupee value at around ₹1,379 crore, again tied to a trade of roughly 1% equity.

The floor price for the Lodha block deal was stated at ₹1,384.60 per share. The execution price was also reported at an average of ₹1,386 per share. In both cases, the discount to the previous close was described as about 4%.

Stock reaction: Lodha falls 6.64%, reports cite 6.7% drop

Following the Lodha Developers transaction, the stock declined sharply. On the National Stock Exchange (NSE), Lodha Developers fell 6.64% to ₹1,346.50 per share after the block deal, as per the reported print. Another data point cited a 6.7% fall after the $165 million block deal. Separately, coverage also described the stock as dropping nearly 7% in the session after the large trade hit the counter.

One report added a technical reference point, stating that despite the short-term weakness, the stock remained above its 200-DEMA.

How the deal was executed: Rule 144A, Regulation S, and commissions

Sources cited in the coverage said the block trades were carried out as a “clean-up trade” by an existing stakeholder. The transactions were conducted under Rule 144A and Regulation S guidelines, commonly used for placements to institutional and offshore investors. According to the term sheet details mentioned, the books for the Lodha deal closed at 6:00 am on Wednesday. The same account said standard buy-side commissions of 25 basis points applied to the transaction.

Goldman Sachs was reported as the sole placing agent for both transactions.

Who sold and who bought: what is known and what is not

Across the reports, there was no confirmation on the identity of the seller or the potential buyers in the Lodha Developers block deal. Market participants cited in the coverage said they expected the offloaded stakes to be picked up largely by domestic and foreign institutional investors, given the volumes and the placement structure.

For Lodha Developers, another report said CNBC-TV18 had indicated an early investor was looking to offload a 1% stake. The same report described the transaction as a complete exit for the investor, but the investor’s identity was not disclosed.

Key figures at a glance

Context: Lodha Developers’ historical block deals mentioned

The coverage also listed prior block deals in Lodha Developers shares on the exchanges, showing that the stock has seen institutional flow at different prices over time. The entries cited included a May 17, 2021 transaction at ₹641.50 per share, as well as deals on January 25, 2024 at ₹1,061.15 per share and March 7, 2024 at ₹1,196.65 per share. The table also included a July 14, 2025 entry at ₹1,400 per share.

Market impact: what the numbers indicate

The immediate market impact was visible in price action across the two stocks and the sector index. Lodha Developers fell to ₹1,346.50 on the NSE after a 1% stake trade priced around ₹1,384.60 to ₹1,386 per share. The discount to the previous close, cited at about 4%, signalled that the transaction was structured to clear a large quantity at one go.

At the sector level, the Nifty Realty index declined 2.90% as the block deals triggered broader selling pressure. For investors tracking liquidity and institutional positioning, the combined block size of ₹3,412 crore is notable, even though the seller and buyers were not officially disclosed.

Why this matters: clean-up trades and institutional supply

The reports framed the transactions as a clean-up or clean-out trade, implying a complete exit by the selling investor in the Lodha deal. Such trades can create short-term supply overhang, particularly when executed at a stated discount to the prior close.

At the same time, the use of Rule 144A and Regulation S placement structures, and the expectation that the buying interest would be a mix of domestic and foreign institutional investors, points to the deals being designed for scale and speed rather than price discovery over multiple sessions.

Conclusion

Oberoi Realty and Lodha Developers declined on Wednesday after institutional block deals totalling ₹3,412 crore, with Lodha falling 6.64% to ₹1,346.50 after a 1% stake transaction. Deal documents and market sources described the placements as clean-up trades executed under Rule 144A and Regulation S, with Goldman Sachs acting as the sole placing agent. With no official confirmation on seller and buyer identities, the next cues for the stocks are likely to come from subsequent shareholding disclosures and any additional block activity in the market.