Delhi Land Bank via Equity: Max Estates Adds 84.7 Acres

Max Estates announced a composite transaction to acquire 100 percent ownership (fully diluted) of nine land-owning companies that together hold an approximately 84.7 acre land platform in Sector 3, Najafgarh, Delhi, subject to shareholder and regulatory approvals.

The company stated that the consideration will be discharged entirely through a preferential issue for consideration other than cash (share swap) of up to 70,33,162 equity shares at an issue price of INR 597.50 per share, with nil cash consideration.

Management estimates the platform has development potential of approximately 4 to 6 million square feet and an estimated gross development value of approximately INR 10,000 to 12,000 crore, subject to the planning and approval process.

The land-owning companies are Trophy Estates, TVP Investments, Hometrail Properties, TR Asset Ventures, Wegmans Business Park, Seven Heaven Buildmart, Vitasta Estates, Trophy Resorts and Guest Houses, and Synergy Infracon.

The company disclosed that completion is subject to shareholder approval (including approval for material related party transactions and the preferential issue), in-principle approvals from BSE and NSE, and other regulatory or statutory approvals as applicable.

The extra-ordinary general meeting to seek approvals is scheduled for September 24, 2026 at 12:30 hours IST through video conferencing or other audio visual means.

The company tentatively expects to complete the composite transaction on or before October 9, 2026, subject to receipt of all requisite approvals and completion of conditions under the transaction documents.