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The QIP was priced at Rs 597.50 per equity share representing a 4.97% discount on the floor price of Rs 628.74 per equity share. The company said that the issue received overwhelming interest from leading domestic financial institutions and foreign institutional investors, as investors showed strong confidence in the business fundamentals, project portfolio, and growth prospects of the firm. The realtor added that the capital raise comes close after recently, New York Life Insurance Company (NYL) invested in Max Estates and bought 49% of Max Towers and Max House, two key commercial real estate assets of the company. Additionally, the board had approved a fund raise of up to Rs 150 crore, subject to approval of the shareholders, by way of preferential issue of convertible warrants to Max Ventures Investment Holdings (one of our promoters) and Sunil Vachani, chairman of Dixon Technologies (India). The capital raised through QIP, the preferential allotment and the investment from NYL, will cumulatively provide Rs 1,300 crore as fresh equity funding to Max Estates to scale up its business and accelerate its growth plans, the company stated in the press release. Nitin Kansal, chief financial officer of Max Estates, said, 'The funding we received is a testament to our robust business growth and promising pipeline of residential and commercial offerings in Delhi NCR. We are poised to strategically deploy this capital to drive the acceleration of our growth plans and enhance our continued success.' Max Estates in the business of real estate development. The company reported a consolidated net profit of Rs 1.57 crore in Q1 FY25 as against a net loss of Rs 37.79 crore posted in Q1 FY24. Net sales zoomed 121.5% to Rs 40.49 crore in the June quarter from Rs 18.28 crore recorded in the same period a year ago. The scrip declined 5.80% to currently trade at Rs 618.45 on the BSE. Powered by Capital Market - Live News |