I was researching all over the web to no avail. My app requires a floating toolbar which appears above a selected text because the default text selection controls are not accessible in a particular case and they also show up oddly in my activity with a translucent status bar and without an action bar. I found this from Google's design guidelines (More precisely from here) and there is no mention on how to do it.
If someone knows how to make this, or is familiar with a library capable of such, I'd be very much grateful.