The Max Estates Ltd stock listed at Rs 298 on the NSE and Rs 270 on the BSE on October 30 after its reverse merger with Max Ventures and Industries Ltd.
This reverse merger means that all the assets and liabilities of MVIL will vest with MEL. The National Company Law Tribunal (NCLT) approved the merger scheme between the companies on July 3. In April, the board of Max Ventures and Industries approved the deal as a part of the group's restructuring exercise and to focus completely on real estate businesses.
Max Ventures and Industries was into manufacturing speciality packaging films in a joint venture with Japanese firm Toppan Printing. The Max group company divested its 51 percent stake to a Japanese JV partner for Rs 600-650 crore to fully focus on the real estate segment.
Max Estates, established in 2016, develops residential and commercial use properties. The company’s projects include commercial office space Max Towers, Max House, a re-development of the office campus and 222 Rajpur, a luxury residential villa community on Rajpur Road, Dehradun.
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“We endeavour to scale the portfolio beyond 8 million square feet by adding at least 1 million square feet per year on an average to each of the residential and commercial asset classes while maintaining our distinctive source of differentiation, which is ‘design and hospitality led consumer experience,” said Sahil Vachani, MD and CEO of Max Estates, on MEL listing.
Max Estates has partnered with New York Life Insurance Company (NYL) for its new commercial projects in Delhi-NCR named Max Square, Max Square Two and the project located on Golf Course Extension Road, Gurugram.
The company has also forayed into the residential segment with its first project, Estate 128, being developed in Noida and has garnered a pre-formal launch sale of Rs 1,800+ crore. The second project is to be launched in the first half of next year in 36A Gurugram. The project has a development potential of 2.4 million square feet and a gross development value of Rs 3,200 crore, according to the press release. Max Estates also has a real estate services and management company – Max Asset Services.
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