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.
