According to media reports, real estate firm Macrotech Developers promoters are planning to raise around Rs 3,500 crore by selling shares to institutional investors. Mumbai-based Macrotech Developers sells its properties under the Lodha brand.

In a regulatory filing late on Wednesday, Macrotech Developers informed that the company had initiated a qualified institutional placement (QIP) of the shares.

The QIP comprises an Offer of Shares (OFS) for promoter group entities – Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt Ltd, Hightown Constructions Pvt Ltd and Homecraft Developers and Farms Pvt Ltd.

The filing said promoters were selling shares to achieve a minimum public float. As of September 2022, promoters own 82.20% of the company, which they need to reduce to 75% to maintain a minimum public float of 25%.

Macrotech said the floor price was fixed at Rs 1,022.75 per share but did not specify the amount raised through the QIP. This floor is below the company’s current share price of Rs 1,092.

The media reports said that the promoters hope to raise about Rs 3,500 crore through the sale of shares through the QIP route. QIP will be closed on Friday.

Macrotech Developers is one of the leading real estate companies in the country. It has a presence in the Mumbai Metropolitan Region (MMR) and Pune real estate markets while recently entering the Bengaluru market with a housing project.

The company booked a record Rs 6,004 crore in sales bookings for the April-September period, compared with Rs 2,960 crore a year earlier. It has achieved over half its sales target of Rs 11,500 crore for the fiscal year 2022-23.

Macrotech Developers has delivered over 89 million square feet of real estate and is developing approximately 100 million square feet from its ongoing and planned portfolio.

The Lodha Group company owns around 4,400 acres of land from its ongoing and planned portfolio, which will be used to develop additional residential, commercial, industrial and logistics space.