Max Estates to Raise Rs 800 Crore for Business Expansion

Real estate firm Max Estates plans to raise Rs 800 crore through a Qualified Institutional Placement (QIP) to institutional investors. The funds will be utilized for land acquisition in Delhi-NCR to fuel business growth. The issue price is set at Rs 628.74 per share.

Max Estates, a prominent real estate developer, is set to raise Rs 800 crore by selling equity shares to institutional investors. The company's Investment and Finance Committee approved the launch of a Qualified Institutional Placement (QIP) issue, according to a regulatory filing on Thursday.

The board's panel has set the floor price at Rs 628.74 per equity share. Sources revealed that major domestic mutual fund companies have shown interest in participating in the QIP issue.

The raised funds will primarily be used for acquiring land in the Delhi-NCR region. The initiative aligns with Max Estates' strategy of leveraging growth opportunities and expanding its land portfolio, as outlined in a notice for the company's 8th Annual General Meeting (AGM).

(With inputs from agencies.)