Max Estates buys 85-acre land in Delhi, eyes ₹10,000-12,000 cr revenue ...Middle East

Realty firm Max Estates Ltd has acquired 84.71 acre land in West Delhi from promoters' land holding entities, in a share-swap deal worth Rs 420 crore, as part of its expansion plan. The company will develop residential and commercial projects on this land parcel and expects revenue of Rs 10,000-12,000 crore from upcoming projects on the site. With this acquisition, Max Estates said it has entered into Delhi's housing market. It is already doing residential projects in Gurugram and Noida markets of Delhi-NCR. In a regulatory filing on Saturday, the company said it has entered into a share purchase agreement to acquire 100 per cent stakes in nine promoter-owned land-holding companies, which together own 84.71 acre land parcel. The acquisition is structured as non-cash share swap transaction. Max Estates will pay consideration through the issue of equity shares. As per the deal, Max Estates will allot about 70 lakh equity shares at an issue price of Rs 597.50 per share, aggregating

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