Max Estates Limited Announces Plans for Fundraising of Up to ₹150 Crores via Equity or Convertible Securities

Noida, India – August 28, 2024:
Max Estates Limited [BSE: 544008, NSE: MAXESTATES], a prominent real estate development company in India, has announced that its Board of Directors will meet on August 31, 2024, to consider and approve the raising of funds up to ₹150 crores. The funds are intended to be raised through the issuance of equity shares, warrants, preference shares, or other securities convertible into equity, subject to necessary regulatory approvals.

Purpose of the Board Meeting

The meeting, scheduled for Saturday, August 31, 2024, will focus on evaluating various methods of raising capital. The company has proposed issuing securities to the promoters, members of the promoter group, or potential investors through permissible modes such as a preferential issue or any other method allowed under the relevant regulations, including the Companies Act, 2013 and the Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The primary agenda of the meeting will include:

Approving the fundraising proposal of up to ₹150 crores through equity shares, warrants, preference shares, or any other security that is convertible into equity.

Determining the terms, conditions, and modes for the issuance, such as preferential allotment or other acceptable mechanisms under applicable laws.

Finalizing all necessary steps and approvals required for the fundraising, including obtaining approvals from regulatory bodies, statutory authorities, and shareholders of the company.

Details of the Fundraising Strategy

The company aims to raise up to ₹150 crores through various securities, which may include equity shares, warrants, preference shares, or any other securities convertible into equity shares. This initiative is part of Max Estates’ strategic plan to bolster its financial resources and strengthen its capital structure.

The issuance is expected to be directed toward the company's promoters or members of the promoter group and/or potential investors. The specific details regarding the fundraising strategy, including the type of security and the method of issuance, will be determined during the board meeting. This move aligns with Max Estates' objective to enhance its financial flexibility, explore growth opportunities, and ensure sustainable development in the competitive real estate market.

Impact on Trading and Compliance

As per the company’s Code of Conduct to Regulate, Monitor, and Report Trading by Insiders, the trading window for dealing in shares of Max Estates Limited will remain closed from August 28, 2024, until the end of 48 hours after the conclusion of the Board Meeting, i.e., till September 2, 2024. This measure is in line with SEBI’s regulations to prevent insider trading and ensure fair trading practices.

The decision to temporarily close the trading window reflects the company's commitment to maintaining transparency and adhering to the highest standards of governance.

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Significance of the Fundraising Initiative

The proposed fundraising of up to ₹150 crores marks a significant step for Max Estates Limited, as it seeks to strengthen its financial position and expand its project portfolio in the real estate sector. The capital raised will be crucial for the company's ongoing and future projects, allowing it to seize new opportunities in the rapidly evolving real estate market.

Max Estates has established a strong reputation for developing high-quality commercial and residential properties that meet international standards. The infusion of new capital will enable the company to maintain its growth trajectory, enhance its market presence, and deliver value to its stakeholders.

About Max Estates Limited

Max Estates Limited is a leading real estate development arm of the Max Group, known for its innovative approach to creating modern, sustainable spaces that blend aesthetics with functionality. The company's portfolio includes state-of-the-art commercial and residential projects across major cities in India, emphasizing sustainability, community, and quality.

The company is headquartered in Noida, Uttar Pradesh, with its registered office in Punjab. Over the years, Max Estates has emerged as a key player in the Indian real estate market, catering to a diverse range of clients and stakeholders.

Outlook and Future Plans

Max Estates continues to explore new avenues for growth and development in the dynamic real estate market. With the proposed fundraising, the company aims to further solidify its position as a leading developer of premium properties. The additional capital will be instrumental in supporting the company's expansion plans, including the acquisition of new land parcels, the development of innovative projects, and the enhancement of existing properties.

The board meeting scheduled for August 31, 2024, will provide clarity on the next steps and the strategic direction the company intends to take with this fundraising initiative. Shareholders and investors are advised to stay tuned for further updates following the meeting.

Max Estates remains committed to its vision of creating world-class real estate developments that cater to the evolving needs of its clients and contribute to the growth and prosperity of the communities it serves.

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