Macrotech operates 85 million square feet of land. (Representative)
New Delhi:
Indian real estate company Macrotech Developers Ltd, part of the Lodha Group, plans to raise $450 million through a qualified institutional placement that will see its controlling family sell a stake of about 7%, two sources told Reuters.
Macrotech operates 85 million sq ft of land and 95 million more is under development. It is known for its premium real estate, including a tie-up with former US President Donald Trump for a building in the Indian financial capital Mumbai.
The company has appointed investment banks Jefferies and Kotak to manage the deal, the sources said, which is likely to be identified on the stock exchanges this week as a deal.
Sources said the buyers for the stake were yet to be finalised, but Singapore’s sovereign wealth fund GIC and US investment fund Capital Group had shown interest.
Lodha, Jefferies, Kotak and GIC did not immediately respond to an email 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 participate 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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