Max Estates Raises Rs 800 Crore Through QIP for Expansion

Realty firm Max Estates has secured Rs 800 crore by selling equity shares to institutional investors. The funds raised will be used for business expansion. The company's Qualified Institutional Placement (QIP) concluded on September 3, with nearly 1.34 crore shares allotted at Rs 597.50 each, below the floor price.

Realty firm Max Estates has secured Rs 800 crore through the sale of equity shares to institutional investors, aimed at bolstering business growth.

The company's Qualified Institutional Placement (QIP), launched on August 29, concluded on September 3. In a regulatory filing on Tuesday, Max Estates announced the allotment of nearly 1.34 crore shares at Rs 597.50 each.

This price marks a 4.97 percent discount from the Rs 628.74 floor price. The allocation was made to 25 eligible investors, including mutual fund firms such as Invesco India, Nippon Life India, and Kotak. The funds are intended to serve as growth capital for acquiring land in Delhi-NCR to develop real estate projects.

(With inputs from agencies.)