Max Estates Limited has approved the acquisition of the entire ownership interest in nine land-owning companies for approximately ₹420.23 crore. This strategic move involves a share swap for consideration other than cash, enhancing the company’s development platform. The acquisition includes an 84.7-acre land parcel in Najafgarh, Delhi, expected to bolster the company’s long-term development pipeline and presence in the National Capital region.
Max Estates Approves Major Land Acquisition
Max Estates Limited’s Board of Directors, in a meeting held on August 28, 2026, has given the go-ahead for a significant transaction. The company will acquire the entire ownership interest, including equity shares and outstanding compulsorily convertible debentures (CCDs), in nine subsidiary companies, collectively referred to as the “Land Owning Companies.” This acquisition is part of a single, integrated transaction valued at approximately ₹4,20,23,14,295 (Rupees Four Hundred Twenty Crore Twenty-Three Lakh Fourteen Thousand Two Hundred and Ninety-Five only).
Strategic Land Parcel in Delhi
The core of this acquisition is an approximately 84.7-acre land platform situated in Sector 3, Najafgarh, Delhi. This parcel is expected to represent a substantial development potential of 4-6 million sq. ft. The company views this as a strategic opportunity to secure a long-term development platform within the National Capital Region, aligning with the framework set by the Master Plan for Delhi-2047 and gaining momentum from the land pooling initiative. This acquisition is anticipated to strengthen Max Estates’ development pipeline, increase project visibility, and solidify Delhi as a key growth market.
Consideration Via Share Swap
The consideration for this proposed acquisition will be discharged through a preferential issue and allotment of fully paid-up equity shares of the Company. This will be a share swap, meaning consideration other than cash, involving up to 70,33,162 equity shares of face value ₹10 each, at an issue price of ₹597.50 per share. Following the acquisition, each of the nine Land Owning Companies will become a wholly-owned subsidiary of Max Estates Limited.
Valuation and Approvals
The valuation of the transaction and the share-exchange ratios have been supported by a valuation report from KPMG Valuation Services LLP, dated August 28, 2026. Fairness opinions were also provided by Motilal Oswal Investment Advisors Limited. The transaction is subject to the approval of Max Estates’ shareholders, in-principle approvals from the BSE Limited and the National Stock Exchange of India Limited, and other requisite statutory and regulatory approvals. The company aims to complete the composite transaction by October 9, 2026.
Source: BSE
