Max Estates’ Board of Directors reviewed reports from CARE Ratings Limited regarding the utilization of proceeds from the Qualified Institutional Placement (QIP) and Preferential Issue. The reports, for the quarter ended December 31, 2025, indicate compliance with SEBI regulations. The review occurred during a board meeting on February 6, 2026, following an Audit Committee recommendation.
Monitoring Agency Report Review
The Board of Directors at Max Estates convened a meeting on February 6, 2026, to review the monitoring agency reports. These reports, prepared by CARE Ratings Limited, assessed the appropriate utilization of funds raised through two key financial instruments: a Qualified Institutional Placement (QIP) and a Preferential Issue of convertible warrants.
QIP Proceeds Overview
The Monitoring Agency report indicated that Max Estates raised Rs. 800.00 crore through the QIP, and the proceeds are being utilized as per the objectives outlined in the offer document. The analysis indicates that the deployments align with the declared intentions. Specifically, a significant portion is allocated to the acquisition of land, interest in land and land development rights, either directly or via subsidiary investments.
Preferential Issue Observations
The Monitoring Agency reviewed a preferential issue for the quarter ended December 31, 2025. As of the report, the issued convertible warrants total 22,83,104. Max Estates received an amount of Rs 93.75 crore from this issuance and reported Rs 56.25 crore as the remaining amount to be received. The total size of the Preferential issue is Rs 150 crore. An amount of Rs 10.03 crore has been utilized towards part-payment for the acquisition of Base Buildwell Private Limited.
Key Compliance Details
The Monitoring Agency reports confirms adherence to the guidelines set forth. The company remains compliant with stipulations about how funds derived from the QIP and preferential issues are being used, as well as any obligations outlined by regulatory mandates.
Source: BSE
