Macrotech Developers’ promoters are planning to raise about Rs 3,500 crore by selling shares to institutional investors. The company has launched Qualified Institutional Placement (QIP) of the equity shares. The QIP consists of an offer-for-sale (OFS) of shares by promoter group entities -- Sambhavnath Trust, Sambhavnath Infrabuild and Farms, Hightown Constructions and Homecraft Developers and Farms. The promoters are selling shares for the purpose of achieving minimum public shareholding.
As on September 2022, promoters had 82.20% stake in the company and they need to bring it down to 75% in order to maintain the minimum 25% public shareholding.
Macrotech Developers is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.
