Max Estates Raises INR 800 Crore Through Oversubscribed QIP

Max Estates Limited successfully raised INR 800 Crore through a Qualified Institutional Placement (QIP), attracting significant interest from domestic and foreign investors. This funding, along with previous investments, will be used to acquire land and expand development projects in Delhi NCR. The company's strategic growth plans are further bolstered by recent investments by New York Life.

Max Estates Limited, a prominent real estate developer in Delhi NCR, has successfully raised INR 800 Crore through an oversubscribed Qualified Institutional Placement (QIP). Key investors included leading domestic financial institutions and foreign institutional investors, showing strong confidence in the company's business fundamentals and growth prospects.

The QIP was priced at INR 597.50 per equity share, representing a 4.97% discount on the floor price of INR 628.74 per equity share. The funds raised will be strategically utilized for acquiring land and land development rights, facilitating Max Estates' future growth and expansion plans.

This capital raise follows recent investments by New York Life Insurance Company, which, along with the QIP, brings the total fresh equity funding to over INR 1300 Crore. Nitin Kansal, CFO of Max Estates, expressed gratitude for the strong investor response, highlighting the company's robust business growth and promising project pipeline.

(With inputs from agencies.)