Max Estates to Acquire 84.7 Acres in Delhi for ₹420 Crore via Share Swap
Max Estates will acquire 84.7 acres in Delhi for up to ₹420.23 crore through a share swap. The deal involves acquiring nine land-owning companies, making them wholly-owned subsidiaries. The transaction is subject to shareholder approval at an EGM on September 24, 2026, with completion expected by October 9, 2026.
The acquisition of a large land parcel in a prime location like Delhi, with significant development potential, is a material event that is expected to substantially impact the company's future growth prospects and market position.
The acquisition of a significant land parcel in Delhi, valued at ₹4.95 crore per acre and with a development potential of 4-6 million sq. ft., is a strategic move that is expected to strengthen the company's development pipeline and expand its presence in a key market. The use of share swap for consideration is also a positive indicator.
Max Estates Limited announced its board has approved a significant acquisition of the entire ownership interest in nine Land Owning Companies for a consideration of up to ₹420.23 crore. This transaction, which will make the nine entities wholly-owned subsidiaries of Max Estates, involves acquiring an approximately 84.7-acre land platform in Sector 3, Najafgarh, Delhi.
The acquisition is structured as a single, integrated, and composite transaction. The consideration will be discharged through a preferential issue of up to 70,33,162 equity shares of ₹10 each at an issue price of ₹597.50 per share. This preferential issue is for consideration other than cash, via a share swap.
The underlying land has been valued at ₹4.95 crore per acre by independent valuers. The proposed land platform in Delhi represents an estimated development potential of 4-6 million sq. ft., which is expected to strengthen the company's long-term development pipeline and establish Delhi as a core growth market alongside Noida and Gurugram.
The transaction is subject to shareholder approval at an Extra-Ordinary General Meeting (EGM) scheduled for September 24, 2026, as well as in-principle approvals from the BSE Limited and the National Stock Exchange of India. The company tentatively expects to complete the composite transaction by October 9, 2026.
The Board of Directors meeting commenced at 17:00 hrs and concluded at 21:30 hrs on August 28, 2026.
A plain-language summary of a public exchange filing by Max Estates Limited. Read the original for the full detail.