Max Estates Share Price Drops 1.35%; To Enhance Sector 65 Project with Additional Land Acquisition

Max Estates Limited has announced an additional investment in its subsidiary, Acreage Builders Private Limited (ABPL), for the ongoing project located in Sector 65, Golf Course Extension, Gurugram.

Details of the Investment

This incremental investment, in partnership with New York Life Insurance Company (NYL), will be made through the subscription of equity shares and/or compulsory convertible debentures (CCDs) in the existing shareholding ratio of 51:49.

The Board of Directors has approved this material-related party transaction, subject to shareholder approval as per Regulation 23 of the Listing Regulations. The total investment for the project will increase from ₹585 crore to ~₹670 crore. The enhanced investment accounts for the acquisition of an additional land parcel and its subsequent development and integration with the ongoing project.

The additional land acquisition is a strategic move to improve the project’s access and connectivity to the main Golf Course Extension Road. This enhancement will significantly increase the development potential of the land, creating more opportunities for superior infrastructure and amenities in the project.

Max Estates and NYL have committed to completing this transaction in line with the terms mutually agreed upon. This move underscores the company’s commitment to delivering premium real estate projects in high-growth areas like Gurugram.

The additional investment aligns with Max Estates’ strategy to enhance the value of its projects by ensuring superior location advantages, better connectivity, and integrated development potential. By partnering with New York Life, the company is leveraging its strong strategic collaboration to create value for all stakeholders.

The transaction is expected to significantly enhance the project’s appeal to investors and homebuyers alike, solidifying its position in the premium real estate market of Gurugram.

On December 26, 2024, Max Estates share price opened at ₹570.80, up from its previous close of ₹569.75. However, at 9:42 AM, the share price of Max Estates was trading at ₹562.05, down by 1.35% on the NSE.

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