Max Estates secures Rs 800 crore through a QIP for business expansion. The funds will be used to acquire land and develop new real estate projects in Delhi-NCR.
New Delhi, Sep 4 (PTI) Realty firm Max Estates has raised Rs 800 crore by selling equity shares to institutional investors and will use funds for the growth of the business.
The company had launched its Qualified Institutional Placement (QIP) on August 29 and the issues got closed on September 3.
In a regulatory filing on Tuesday, Max Estates informed that it has allotted nearly 1.34 crore shares to investors at a price of Rs 597.50 a piece.
The floor price for the issue was fixed at Rs 628.74 per equity share.
These shares were allotted, at a 4.97 per cent discount to the floor price, to 25 eligible investors including mutual fund firms Invesco India, Nippon Life India and Kotak.
Sources had said that the company would utilise the fund as growth capital and would acquire land in Delhi-NCR to develop real estate projects.
Max Estates is one of the leading real estate developers in Delhi-NCR. It is developing housing and commercial projects.
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