Max Estates gains as board to mull raising upto Rs 150 cr

Max Estates rose 2.06% to Rs 679.60 after the company announced its board will meet on Saturday, 31 August 2024 to consider raising of funds up to Rs 150 crore.

The funds would be raised by issuance of equity shares/ warrants/ preference shares or any other security convertible into equity shares aggregating up to an amount of Rs 150 crore to the promoters or members of the promoter group of the company and/or potential investors through any permissible mode, including by way of a preferential issue or any other mode.

The fund raising is subject to necessary regulatory, statutory and other approvals, if any, including approval of shareholders of the company.

Max Estates in the business of real estate development. The company reported a consolidated net profit of Rs 1.57 crore in Q1 FY25 as against a net loss of Rs 37.79 crore posted in Q1 FY24. Net sales zoomed 121.5% to Rs 40.49 crore in the June quarter from Rs 18.28 crore recorded in the same period a year ago.

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