Max Estates Acquires 84.71 Acres in Delhi via Share Swap

Max Estates Limited has announced the acquisition of approximately 84.71 acres of land in West Delhi through a non-cash share swap transaction. The deal involves issuing up to 70 lakh equity shares at ₹597.50 per share, aggregating to approximately ₹420.2 crore, with no cash outflow from the company's balance sheet. This acquisition marks Max Estates' entry into the Delhi residential market and is expected to unlock a Gross Development Value (GDV) of ₹10,000-12,000 crore over the next few years. The valuation was independently assessed by Cushman & Wakefield and iVAS Partners, with KPMG Valuation Services LLP determining the share-exchange ratio and Motilal Oswal Investment Advisors Limited providing a fairness opinion. The land cost is estimated at under 5% of the GDV, significantly lower than typical cash land purchases.