Max Estates Ltd Subsidiaries Receive INR 353.31 Crore Investment from New York Life Insurance Company
Max Estates Ltd, a real estate company based in India, has announced that its subsidiaries, Max Towers Private Limited (MTPL) and Pharmax Corporation Limited (PCL), have received a significant investment from New York Life Insurance Company (NYL). NYL has subscribed to 1,07,89,330 equity shares of MTPL for approximately INR 56.74 Crore and acquired 2,63,76,841 equity shares of MTPL from Max Estates Limited for approximately INR 138.71 Crore. Additionally, NYL has subscribed to 74,48,814 equity shares of PCL for approximately INR 35.16 Crore and acquired 3,40,64,700 equity shares of PCL from Max Estates Limited for approximately INR 160.78 Crore. Post-transaction, Max Estates Limited holds 51% and NYL holds 49% of the share capital of each of MTPL and PCL, on a fully diluted basis.
Key Highlights
- New York Life Insurance Company invests INR 353.31 Crore in Max Estates Ltd subsidiaries.
- Max Towers Private Limited receives INR 195.45 Crore from the investment.
- Pharmax Corporation Limited receives INR 157.86 Crore from the investment.
- Max Estates Limited holds 51% and NYL holds 49% of the share capital of each of MTPL and PCL post-transaction.
- The transaction was completed on September 24, 2024.