Max Estates issues shares after warrant conversion

Max Estates Limited announced the allotment of 1,141,552 equity shares, each with a face value of ₹10, following the conversion of an equivalent number of warrants. This action, approved on October 10, 2025, stems from an earlier intimation on October 29, 2024, regarding the allotment of 2,283,104 convertible warrants. The conversion was triggered by a balance payment of ₹56,24,99,748.00 from one allottee.

The allotment increases the company's paid-up equity share capital by ₹1,14,15,520, from ₹1,61,04,64,440 to ₹1,62,18,79,960. This new capital now comprises 16,21,87,996 equity shares. The new shares will rank pari passu with existing equity shares and will be credited in dematerialized form, subject to a lock-in period as per SEBI (ICDR) Regulations, 2018.

Sunil Vachani, a non-promoter public investor, was allotted 1,141,552 equity shares at a price of ₹657 per share. This conversion has increased Vachani's stake from 563,523 shares (0.35%) to 1,705,075 shares (1.05%). The public shareholding in the company increased to 55.08% post-allotment.