Max Estates QIP Raises ₹800 Crore for Expansion
Max Estates, a prominent real estate developer in the Delhi-NCR region, has successfully raised ₹800 crore through a Qualified Institutional Placement (QIP). This fundraising effort, which began on August 29 and concluded on September 3, involved the sale of approximately 1.34 crore equity shares to institutional investors at ₹597.50 per share. Despite the floor price being set at ₹628.74 per share, the shares were offered at a 4.97% discount. The placement attracted 25 eligible investors, including notable mutual fund firms such as Invesco India, Nippon Life India, and Kotak.
The capital raised through Max Estates QIP is earmarked for business expansion, with plans to acquire land in the Delhi-NCR area for the development of new real estate projects. Max Estates is enhancing its market position by concentrating on both residential and commercial projects.
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