Max Ventures-led arm acquires 97.61% stake in Acreage Builders for Rs322.50 crore

28 Oct 2022 , 11:27 AM

Max Ventures and Industries Limited informed that Max Estates Limited has completed the acquisition of 97.61% equity share capital of Acreage Builders Private Limited on October 27, 2022, at an enterprise value on a 100% basis of Rs322.50 crore.

The company stated that this information is in furtherance of the company’s disclosure dated September 07, 2022, Max Estates Limited, a wholly-owned subsidiary of the Company, executed Share Purchase Agreement(s) for the acquisition of the 100% equity share capital of Acreage Builders Private Limited in one or more tranches.

The company further informed that the balance 2.39% equity share capital acquisition is expected to be completed by February 2023.

Acreage Builders Private Limited has become a step-down subsidiary of the Company through Max Estates Limited as of October 27, 2022, following the completion of the acquisition.

Acreage Builders Private Limited was acquired in order to use its asset, a 6.24 acres of land with a license to develop a commercial project on an area of 7.15 acres located on Golf Course Extension Road in Gurugram. The commercial project’s potential leasable area is 1.6 million square feet.

At around 11.30 AM, Max Ventures and Industries was trading at Rs166.80 down by 0.98% from its previous closing of Rs168.45 on the BSE. The scrip opened at Rs182.35 and touched intraday high and low of Rs182.35 and Rs166 respectively.

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