Max Estates shares faced selling pressure on August 30 after the company launched a qualified institutional placement (QIP) at a floor price of Rs 628.74 per equity share.
The Noida-based real estate developer plans to raise up to Rs 800 crore via QIP at an issue price of Rs 597.50 per share, sources told CNBC-AWAAZ, which is at a 12.52 percent discount to the last closing price on the NSE.
"...approved the floor price for the Issue, being Rs 628.74 per equity share based on the pricing formula as prescribed under the ICDR Regulations," the company said in an exchange filing.
The company plans to use the money received from the QIP to purchase land, interests in land, or rights to develop land, the report added.
In Aug 30 trade, the Max Estates shares were trading at Rs 681.50 per share on the NSE, down marginally by 0.22 percent.
In the last 3 months, the stock went up by 94.33 percent on the BSE. It rose 149.67 percent in the last 180 days, as per BSE website.
Recently, the Noida authorities granted approval to Max Estates for the development of the 'Delhi One' project on a land parcel measuring 34,697 square meters, located in Sector 16B, Noida. This project adds 2.6 million sqaure feet of development potential to the portfolio of Max Estates.
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