Macrotech operates 85 million square feet of land and has 95 million more under development. It is known for its premium real estate, including a tie-up with former U.S. president Donald Trump for a building in the Indian financial capital of Mumbai.

The company has appointed investment banks Jefferies and Kotak to manage the deal, said the sources, declining to be identified as a deal is likely to be launched in stock markets this week.

Buyers for the stake have yet to be finalised but Singapore's sovereign wealth fund GIC and U.S. investment fund Capital Group had expressed interest, the sources said.

Lodha, Jefferies, Kotak and GIC did not immediately respond to emails seeking comment while Capital Group declined to comment.

A qualified institutional placement helps publicly listed companies raise capital from domestic markets without the usual standard regulatory compliance and allows only institutional investors to take part in the offer.

(Editing by Kim Coghill)

By M. Sriram