Max Estates raises ₹800 Crore via institutional placement

4 Sep 2024 , 03:29 PM

Max Estates Ltd. received ₹800 Crore from qualifying institutional investors through a QIP, which concluded last night.

The company has approved the issuance and allotment of 1.33 Crore to 25 qualifying institutional buyers. The issue price is fixed at ₹597.5 per share, representing an 8.4% discount from Tuesday’s closing price.

Max Estates announced its institutional share sale on August 29.

Invesco MF, Nippon Life India Trustee, and Kotak MF are the three funds that have received the majority of the total issue size.

The allotment of equity shares in the offer increased the company’s paid-up equity share capital to ₹160 Crore, which includes 16.07 Crore shares.

According to sources, the company intends to use the QIP revenues to acquire land, an interest in land, or land development rights.

According to sources, IIFL Capital Services and Ambit served as book running lead managers for the QIP.

Rishi Raj, the chief operating officer of the Noida-based real estate developer, revealed recently that the company aims to record ₹4,000 Crore in residential properties this fiscal year.

At around closing, Max Estates was trading marginally higher at ₹658.85, against the previous close of ₹658.20 on NSE. The counter touched an intraday high and low of ₹680, and ₹645.15, respectively.

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