Max Estate Secures Rs 800 Crore QIP For Growth Capital

                Realty firm Max Estates plans to raise Rs 800 
crore by selling equity shares to institutional 
investors for the growth of business.
In a regulatory filing on Thursday, Max Estates 
informed that an Investment and Finance 
Committee of the board approved launch of 
Qualified Institutional Placement (QIP) issue.
The panel also approved the floor price for the 
issue at Rs 628.74 per equity share.
According to sources, all major domestic 
mutual fund companies have participated in 
the QIP issue.
The company would utilise the fund to acquire 
land in Delhi-NCR, they added.
According to the notice of the 8th Annual 
General Meeting (AGM) of the members of 
Max Estates Ltd, the company plans to raise 
up to Rs 800 crore.
"The company anticipates certain growth 
opportunities in its existing line of business," 
Max Estates said.
The company said it continues to evaluate 
various growth avenues, including land 
acquisition.
Max Estates proposed to raise funds 
aggregating up to and not exceeding Rs 800 
crore through the issuance of securities.
The company is one of the leading real estate 
developers in Delhi-NCR.

Source : Business Standard