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Real estate company Macrotech Developers Ltd, part of the Lodha group, on Wednesday approved qualified institutions placement of equity shares by promoters and promoter group of the company.

The shares will be offered at a floor price of 1,022.75 per share via qualified institutions placement (QIP), the company noted in its regulatory filings.

Sambhavnath Trust, Sambhavnath Infrabuild and Farms Private Limited, Hightown Constructions Private Limited and Homecraft Developers and Farms Private Limited will offer their stake.

"Qualified institutions placement of the equity shares of face value of 10 each (“Equity Shares") of Macrotech Developers Limited (the “Company") consisting of an offer for sale of Equity Shares by Sambhavnath Trust, Sambhavnath Infrabuild and Farms Private Limited, Hightown Constructions Private Limited and Homecraft Developers and Farms Private Limited (“Selling Shareholders"), being members of promoters and promoter group of the Company, under the provisions of Chapter VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations"), and Section 42 of the Companies Act, 2013, as amended, including the rules made thereunder, to the extent applicable, for the purpose of achieving minimum public shareholding in terms of the Securities Contracts (Regulation) Rules, 1957, as amended (the “Offer")," noted Macrotech Developers in its regulatory filing.

"Approving the Offer, and authorising opening of the Offer today, i.e. December 7, 2022," it added.

QIP is a process by which a way for listed companies to raise capital without having to submit legal paperwork to market regulators.

According to rules, all public listed companies with post issue capital of more than 4,000 crore are required to have a free float of 25%.

The promoters will have to offload at least 7.2% to meet the minimum public shareholding as held by Sebi.

The shares of the company were up by 1.13 per cent at 1,067.30 on BSE.

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