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Here’s why Max Estates share was buzzing in trade on Sept 25; details here: Max Estates share price
Source: Business Standard
Max Estates share surges: Shares of Max Estates were in demand on Wednesday, September 25, 2024 as the scrip rallied up to 8.74 per cent to hit an intraday high of Rs 640 per share.
The uptick in the share price came after the company announced that it has received Rs 391 crore from New York Life Insurance Company for strategic investments in Max Towers and Max House (Phase I & II).
Both are rent-yielding operational commercial assets located in Noida and Delhi. Meanwhile, Max Estates retains a 51 per cent stake in both special purpose vehicles (SPVs), the company highlighted.
Sahil Vachani, MD & CEO of Max Estates, said, “We are pleased to announce that our partnership with New York Life Insurance has grown from strength to strength. This capital infusion significantly enhances Max Estates’ financial capability to deliver toptier commercial and residential projects in Delhi-NCR while ensuring a well-balanced capital structure to support the company’s growth plans.
With this latest investment, New York Life’s total commitment to Max Estates now stands at Rs 1,200 crore. Apart from that, this capital infusion will boost Max Estates’ capacity to accelerate its growth initiatives in both commercial and residential real estate sectors.
Following a Qualified Institutional Placement (QIP), Max Estates now boasts over Rs 1,200 crore in equity growth capital, positioning the company to expand its operations and seize new opportunities in the real estate market.
“The plan is to allocate a significant portion of these funds to support its expansion into the rapidly growing residential market and seize emerging opportunities. This strategic investment will also help Max Estates achieve its goal of acquiring at least 3 million square feet of development opportunities annually while reshaping the future of real estate in the NCR Region,” Vachani added.
Founded in 2016, Max Estates Limited is the real estate division of the Max Group. The company focuses on developing premium commercial and residential properties in the Delhi NCR region.
Among its notable projects are Max Towers, a distinctive commercial office space that opened in 2019 on the outskirts of South Delhi; Max House, a redeveloped office campus; Max Square, strategically located along the Noida Expressway; and 222 Rajpur, a luxury residential villa community in Dehradun.
Currently, the company is also working on two commercial office projects, Max Square Two, adjacent to Max Square, and a new venture on Golf Course Extension Road, marking its entry into the Gurugram market.
On the residential side, Max Estates launched its first project, Estate 128, in Noida in 2023, followed by Estate 360 in Gurugram in the second half of 2024.
Additionally, Max Estates operates Max Asset Services, a real estate services and management company, and is listed on both the NSE and BSE.
At 1:24 PM, shares of Max Estates were trading 3.64 per cent higher at Rs 610 per share. In comparison, BSE Sensex was trading 0.13 per cent lower at 84,806.04 levels.
First Published: Sep 25 2024 | 1:28 PM IST
