Max Estates acquires 84.71-acre land parcel in Delhi

Max Estates has entered into Share Purchase Agreement to acquire the entire ownership interest, in promoter-owned land-holding companies that together own ~84.71-acre land parcel in West Delhi. The acquisition is structured non cash share swap transaction wherein the consideration is discharged entirely through the issue of the Company's own equity shares.

Max Estates to issue up to ~70 lakhs equity shares at Rs 597.50 per share (aggregating up to ~Rs 420.2 crore) to landowning company's shareholders, with no cash outflow from the Company's balance sheet.

The land parcel will unlock an estimated GDV of ~Rs 10,000-12,000 crore over next few years and mark the Company's entry into Delhi as a third core NCR geography, alongside its existing Noida and Gurugram portfolio.