Macrotech Developers Ltd. has launched, on March 4, a qualified institutional placement to raise Rs 3,300 crore ($398 million).The Mumbai based real estate company has offered up to three crore equity shares for a price of Rs 1,098 apiece, according to a term sheet seen by NDTV Profit. The floor price for the issue was set at Rs 1,129.48 apiece, according to an exchange filing.The issue price is at a discount of 7.34% from Monday's closing price. The QIP will close on March 5.Proceeds from the fund raise will be used for repayment/prepayment of debt obligations in full or in part, acquisition of land or land development rights and for general corporate purposes, it said.The equity dilution is up to 3.12% of pre-issue outstanding equity capital and 3.02% post issue equity capital, it added.Kotak Mahindra Capital, Jefferies India and BofA Securities are acting as the book running lead managers in connection with the QIP as per the term sheet.In December 2022, the company had raised Rs 3,547 crore through a QIP as well. The developer, which sells properties under the Lodha brand, witnessed its profit grow 25% to Rs 505 crore for the quarter ended December from Rs 405 crore year-on-year. Its revenue from operations jumped 65% to Rs 2,930 crore from Rs 1,774 crore during the same quarter last year.Shares of Macrotech Developers closed 0.33% higher, compared with 0.12% gain the benchmark Nifty50.