Macrotech Developers Plans $450 Million Share Sale: Report


Macrotech Developers Plans $450 Million Share Sale: Report

Macrotech operates 85 million square feet of land. (Representational)

New Delhi:

Indian real estate company Macrotech Developers Ltd, part of the Lodha group, plans to raise $450 million via a qualified institutional placement that will see its controlling family selling a stake of about 7%, two sources told Reuters.

Macrotech operates 85 million square feet of land and has 95 million more under development. It is known for its premium real estate, including a tie-up with former U.S. president Donald Trump for a building in the Indian financial capital of Mumbai.

The company has appointed investment banks Jefferies and Kotak to manage the deal, said the sources, declining to be identified as a deal is likely to be launched in stock markets this week.

Buyers for the stake have yet to be finalised but Singapore’s sovereign wealth fund GIC and U.S. investment fund Capital Group had expressed interest, the sources said.

Lodha, Jefferies, Kotak and GIC did not immediately respond to emails seeking comment while Capital Group declined to comment.

A qualified institutional placement helps publicly listed companies raise capital from domestic markets without the usual standard regulatory compliance and allows only institutional investors to take part in the offer.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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