Max Estates to acquire 84.71 acres land in Delhi
Noida-based real estate developer Max Estates' board of directors has approved the acquisition of the entire ownership interest in nine land-owning companies that collectively hold about 84.71 acres in Sector 3, Najafgarh, Delhi.
According to The Economic Times, the land has a development potential of about four to six million sq ft and an estimated gross development value of Rs 10,000-12,000 crore. Max Estates will issue up to 70,33,162 fully paid-up equity shares with a face value of Rs 10 each at an issue price of Rs 597.50 per share on a preferential basis, as consideration other than cash.
The aggregate value of the equity shares proposed to be issued is up to Rs 420.23 crore.
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