Max Estates: Monitoring Agency Report for QIP Proceeds

Max Estates Ltd. has released the Monitoring Agency Report by CARE Ratings Limited for the quarter ended March 31, 2026, regarding the utilization of proceeds from its Qualified Institutional Placement (QIP) and Preferential Issue of Convertible Warrants. The report, reviewed by the Audit Committee and Board of Directors, confirms no deviation from the stated objectives of the issue. The QIP, which concluded on September 3, 2024, raised ₹800 crore, with net proceeds available for utilization amounting to ₹779.58 crore after deducting expenses of ₹20.42 crore. The report declares an objective view of the utilization of issue proceeds based on information provided by the issuer.