Max Estates shares surge 17% on investment by New York Life Insurance

Max Estates: The real estate subsidiary of the Max Group has received a strategic investment of Rs 388 crore from New York Life Insurance Company, the US-based mutual life insurer. As per the transaction, New York Life will acquire 49 percent stakes in two SPVs of Max Estates that hold Max Towers and Max House (Phases I and II). Both are rent-yielding operational commercial real estate projects located in Noida and Delhi, respectively. Max Estates will hold 51 percent of the two SPVs after the transactions.

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26 Aug, 2025 12:21

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Max Estates Ltd shares surged as much as 17 percent in intraday trading on May 2 after the company signed a binding agreement with New York Life Insurance Co. (NYL) for investments of Rs 388 crore in two subsidiaries of the real estate developer.

At 12:01pm, shares of Max Estate were trading at Rs 344, up 17 percent on the NSE.

NYL will buy 1.08 crore shares to be issued by Max Towers Pvt Ltd (MTPL) for Rs 56.53 crore and acquire an additional 2.64 crore shares of MTPL for Rs 138.20 crore.

The American life insurer will also acquire 74.49 lakh shares of Pharmax Corp. Ltd (PCL) for Rs 34.8 crore. The insurer will buy an additional 3.4 crore shares for Rs 158.95 crore.

NYL will acquire 49 percent of the two units of Max Estates, while the rest will be held by the Indian company after the transactions are completed.

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The closing of transactions is subject to receipt of regulatory and other customary approvals and completion of other conditions precedent to be identified in the definitive agreement, Max Estates said.

The board of Max Estates also approved a corporate guarantee of Rs 450 crore for availing of the financial facilities by Max Estates 128 Pvt Ltd, a wholly owned subsidiary, from Standard Chartered Bank and Standard Chartered Capital.