Max Estates, a real estate developer in Delhi NCR, has raised ₹800 crore through a successful Qualified Institutional Placement (QIP). The QIP was priced at ₹597.50 per equity share representing a 4.97% discount on the Floor Price of ₹628.74 per equity share.
The newly raised capital will be utilized for the acquisition of land, interests in land, and land development rights, furthering Max Estates’ growth and expansion plans.
Additionally, the Board of Max Estates approved a fundraise of up to ₹150 crores, subject to approval of the shareholders, by way of preferential issue of convertible warrants to Max Ventures Investment Holdings Private Limited (one of our promoters) and Sunil Vachani, Chairman of Dixon Technologies (India) Limited.
The capital raise comes close after recently, New York Life Insurance Company (NYL) recently invested in Max Estates and bought 49% of Max Towers and Max House, two key commercial real estate assets of the company.
The capital raised through QIP, the preferential allotment and the investment from NYL, will cumulatively provide INR 1300 Crore as fresh equity funding to Max Estates to scale up its business and accelerate its growth plans.
Speaking on the occasion, Nitin Kansal, Chief Financial Officer, Max Estates, said, “We are grateful for the strong response to our QIP issue from leading investor groups who have placed their trust in us. The funding we received is a testament to our robust business growth and promising pipeline of residential and commercial offerings in Delhi NCR. We are poised to strategically deploy this capital to drive the acceleration of our growth plans and enhance our continued success.”
Established in 2016, Max Estates Limited is the real estate arm of the Max Group. Max Estates has partnered with the New York Life Insurance Company (NYL), particularly for commercial office platforms.
Its marquee projects include a commercial office space Max Towers, on the edge of South Delhi that opened its doors in 2019, Max House – a re-development of the office campus, Max Square, located on a primary office vector – Noida Expressway and, 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.
It has two under-construction commercial office projects – Max Square Two, adjacent to Max Square and a project located on the main Golf Course Extension Road marking its entry into the commercial office segment in Gurugram.
On the residential front, the company launched and sold its first project in Delhi NCR in CY 2023, Estate 128, which is being developed in Noida and its second project, Estate 360, was launched in the second half of CY 2024 in Gurugram. Listed on NSE and BSE, Max Estates also has a real estate services & management company – Max Asset Services.
