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Max Estates, a prominent real estate developer in Delhi-NCR, has announced plans to raise Rs 800 crore by issuing equity shares to institutional investors. This fundraising will support the company’s growth strategy, including potential land acquisitions.
In a recent regulatory filing, Max Estates revealed that its board’s Investment and Finance Committee had approved the launch of a Qualified Institutional Placement (QIP) to generate the targeted capital. The committee also set the floor price for the issue at Rs 628.74 per share.
According to market sources, several major domestic mutual fund companies have shown interest in the QIP issue. The capital raised is expected to be utilized primarily for land acquisitions in the Delhi-NCR region.
As outlined in the notice for the company’s 8th Annual General Meeting (AGM), Max Estates aims to raise up to Rs 800 crore. The company highlighted that it is exploring several growth opportunities in its current business areas.
Max Estates stated that it continues to assess various options for expansion, including further land purchases, to strengthen its position in the market. The firm emphasized that the total funds to be raised will not exceed Rs 800 crore.
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By Proptechbuzz
By Ravi Kumar
