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Max Estates’ Board approved acquisition by Max Estates of the entire ownership interest

ICICIdirect Research 31 Aug 2026 DISCLAIMER

News: Max Estates’ Board approved acquisition by Max Estates of the entire ownership interest in: (i) Trophy Estates (ii) TVP Investments (iii) Hometrail Properties (iv) TR Asset Ventures (v) Wegmans Business Park (vi) Seven Heaven Buildmart (vii) Vitasta Estates (viii) Trophy Resorts & Guest Houses and (ix) Synergy Infracon, which collectively hold an ~84.7-acre land platform situated in Sector 3, Najafgarh, Delhi. For discharge of the consideration for the Proposed Acquisition, the Board approved the creation, offer, issue and allotment, on a preferential basis, for consideration other than cash by way of a share swap of up to 70,33,162 (4.3% of total equity shares) fully paid-up equity shares at an issue price of ₹ 597.50 (~11% premium to LTP) aggregating up to ₹ 420.23 crore. The underlying land has been valued at ₹4.95 crore per acre based on separate land valuation reports issued by Cushman & Wakefield India and by iVAS Partners, acting as independent land valuers.

View: The Proposed Acquisition is being undertaken in view of the opportunities arising from the Master Plan for Delhi2047 (MPD-2047), including planned development of greenfield areas through land pooling. The Company believes that the Proposed Acquisition provides an opportunity to secure a substantial long-term development platform within the National Capital. The proposed Delhi platform represents ~4-6 million sq. ft. of development potential with an estimated GDV of ₹ 10,000-12000 crore (land cost estimated at <5% of GDV with implied land cost of ~₹ 1000/ sq ft of saleable area). The acquisition is expected to strengthen its long-term development pipeline, provide greater visibility for future project launches and establish Delhi as a further core growth market alongside Noida and Gurugram.

Impact: Positive

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