Max Estates Raises Rs 800 Crore Through QIP, Receives Strong Investor Confidence

Max Estates Limited has successfully raised Rs 800 Crore through a Qualified Institutional Placement, gaining strong interest from leading investors. The capital will be utilized for land acquisition and development, supporting the company's strategic growth initiatives.

Max Estates Limited, a prominent real estate developer in Delhi NCR, has successfully raised Rs 800 Crore through a Qualified Institutional Placement (QIP), drawing substantial interest from leading domestic financial institutions and foreign institutional investors. This capital injection reflects robust investor confidence in the company's business fundamentals and growth prospects.

In addition to the QIP, Max Estates' Board has approved a potential fundraise of up to Rs 150 Crore via a preferential issue of convertible warrants, pending shareholder approval. This is intended for Max Ventures Investment Holdings Private Limited and Sunil Vachani, Chairman of Dixon Technologies (India) Limited. The QIP was priced at Rs 597.50 per share, representing a 4.97% discount on the floor price of Rs 628.74. The funds will be strategically deployed for acquiring land and development rights, fueling further expansion.

This capital boost follows a recent investment by New York Life Insurance Company, which acquired a 49% stake in Max Towers and Max House. In total, Max Estates will receive Rs 1300 Crore in fresh equity funding. Nitin Kansal, CFO of Max Estates, expressed gratitude for the investor trust and highlighted the company's strong growth trajectory and promising portfolio. Established in 2016, Max Estates has swiftly built a diversified portfolio of premium commercial and residential projects in Delhi NCR.

(With inputs from agencies.)