 "Real Estate, office spaces, Commercial Real Estate")
Shares of Max Estates surged up to 3.47 per cent at Rs 680.30 per share on the BSE in Wednesday’s intraday deals. Max Estates share price moved up after the company on Tuesday announced that it has successfully raised Rs 800 crore allotting equity shares to 25 qualified institutional buyers (QIBs).
“The Investment and Finance Committee on September 3, 2024, approved the issue and allotment of 1,33,89,121 Equity Shares to 25 eligible qualified institutional buyers at the issue price of Rs 597.50 per Equity Share, i.e. at a premium of Rs 587.50 per Equity Share, which included a discount of 4.97 per cent to the floor price aggregating to approximate Rs 800 crore,” the company said in an exchange filing.
Post the allotment the paid-up equity share capital of the company now stands increased at Rs 160,79,80,330 consisting of 16,07,98,033 equity shares.
The equity shares were allotted as follows: INVESCO India Large & Mid Cap Fund received 15,06,276 shares, representing 11.25 per cent of the total issue size; INVESCO India Midcap Fund was allotted 13,38,912 shares, or 10.00 per cent of the total issue size; INVESCO India Flexi Cap Fund obtained 3,34,728 shares, which constitutes 2.50 per cent of the total issue size. Nippon Life India Trustee Ltd - A/C Nippon India Small Cap Fund was allocated 25,10,461 shares, amounting to 18.75 per cent of the total issue size, while Kotak Small Cap Fund received 20,92,050 shares, equivalent to 15.62 per cent of the total issue size.
Established in 2016, Max Estates is the real estate development arm of Max Group. It provides properties for both residential and commercial use. For the April-June quarter of financial year 2024-25 (Q1FY25) the net sales surged to Rs 40.49 crore, marking a 121.52 per cent increase from Rs 18.28 crore in June 2023.
Also Read
However, quarterly net profit decreased by 46.31 per cent to Rs 1.57 crore, compared to Rs 2.93 crore in June 2023. Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortisation) stood at Rs 22.45 crore, up 169.83 per cent from Rs 8.32 crore in the same month last year.
The company has a total market capitalisation of Rs 9,754.05 crore. Its shares are trading at a price to earnings multiple of 501.63 times with an earning per share of Rs 1.31 per share.
At 01:41 PM; the share price of the company was trading 0.71 per cent higher at Rs 662.10. By comparison, the BSE Sensex was trading 0.34 per cent lower at 82,271 levels.
