New Delhi: Max Estates, a real estate company, is aiming to raise Rs 800 crore through the sale of equity shares to institutional investors in order to expand its business.
Max Estates announced in a regulatory filing on Thursday that the Investment and Finance Committee of the board has given approval for the launch of a Qualified Institutional Placement (QIP) issue. The panel gave its approval for setting the floor price of the issue at Rs 628.74 per equity share. Sources claim that all prominent domestic mutual fund firms have taken part in the QIP offering.
They mentioned that the company would use the money to purchase land in Delhi-NCR. As per the announcement for the 8th Annual General Meeting (AGM) of Max Estates Ltd members, the company intends to generate a maximum of Rs 800 crore.
Max Estates stated that the company expects some potential growth opportunities in its current business line. The company stated that it is still assessing different opportunities for growth, such as purchasing land. Max Estates suggested raising up to Rs 800 crore by issuing securities. The company ranks as one of the top real estate developers in Delhi-NCR.
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