The promoters of Macrotech Developers Ltd. will offload their stake in the company to meet the minimum public shareholding requirement.
Shares will be offered at a floor price of Rs 1,022.75 apiece via Qualified Institutional Placement, according to an exchange filing.
The promoters will have to sell at least 7.2% stake in the company to meet the minimum public shareholding requirement as prescribed by the Securities and Exchange Board of India.
All listed entities with post issue capital of more than Rs 4,000 crore are required to have a free float of at least 25%.
Sambhavnath Trust, Sambhavnath Infrabuild and Farms Pvt., Hightown Constructions Pvt. and Homecraft Developers and Farms Pvt. will offer their stake, according to the filing
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