Max Estates Limited has announced that its subsidiary, Max Square Limited (MSL), has successfully completed the conversion of its Series A and Series B Compulsorily Convertible Debentures (CCDs) into equity shares. On August 11, 2026, an aggregate of 8,75,09,608 equity shares were allotted, increasing MSL’s paid-up capital. Max Estates’ shareholding in MSL remains approximately 51%, with no change in control.
Max Square Limited Completes Significant Equity Conversion
Max Estates Limited disclosed today that its subsidiary, Max Square Limited (MSL), has completed a substantial conversion of Compulsorily Convertible Debentures (CCDs) into equity shares. The event occurred on August 11, 2026, with the allotment of 8,75,09,608 fully paid-up Equity Shares of face value INR 10 each. This conversion was executed at a ratio of one Equity Share for every one CCD held.
Breakdown of Conversion
The conversion involved both Series A and Series B CCDs. Specifically, 4,46,30,000 Series A CCDs were converted into an equivalent number of equity shares, along with 4,28,79,608 Series B CCDs. This transaction effectively increased the paid-up equity share capital of Max Square Limited.
Impact on Max Estates’ Shareholding
As a result of the conversion of its Series A CCDs, Max Estates Limited has acquired an additional 4,46,30,000 equity shares in MSL. The company’s total equity shareholding in MSL has now increased from 11,09,30,000 shares to 15,55,60,000 shares. Despite this increase in the number of shares, Max Estates’ percentage shareholding in MSL remains approximately 51%, ensuring that control of MSL continues to reside with Max Estates and it retains its status as a subsidiary.
Details of Max Square Limited
Max Square Limited is an existing subsidiary of Max Estates, engaged in the development and operation of commercial real estate projects. Its paid-up equity share capital prior to conversion was INR 217.51 Crore, comprising 21,75,09,608 shares. Post-conversion, the capital has increased to INR 305.02 Crore, with 30,50,19,216 equity shares outstanding. For the financial year 2025-26, MSL reported a turnover of INR 57.69 Crore, with total assets amounting to INR 1,104.82 Crore as of March 31, 2026. The company was incorporated on June 24, 2019, and its business is within the Real Estate industry.
Transaction Details
The conversion was conducted on an arm’s length basis, in accordance with the pre-agreed terms of the Series A CCDs. The cost of acquisition related to these shares is represented by the aggregate face value of the Series A CCDs, which is INR 44.63 Crore. No fresh cash consideration was payable by Max Estates at the time of conversion.
Regulatory Compliance
This intimation is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The event occurred on August 12, 2026, at 14:24 Hrs. IST.
Source: BSE
