Indian real estate firm Macrotech Developers Ltd hopes to raise $450 million . The company owns 85 million square feet of land and 95 million more are undergoing development .
According to two sources, Indian real estate firm Macrotech Developers Ltd, part of the Lodha group, hopes to raise $450 million through a qualified institutional placement, where its controlling family will sell a 7% stake.Macrotech owns 85 million square feet of land and 95 million more are undergoing development.According to the sources, the firm has appointed investment banks Jefferies and Kotak to lead the transaction, which was announced earlier this week in stock markets, although the deal was unlikely to be announced, since the company's sovereign wealth fund, GIC, and US investment fund Capital Group declined to respond.