Max Estates board reviews QIP, preferential issue proceeds utilization

On November 3, 2025, Max Estates Limited's board of directors reviewed the monitoring agency reports for the quarter ended September 30, 2025. These reports, issued by CARE Ratings Limited, assess the utilization of proceeds from a Qualified Institutional Placement (QIP) and a preferential issue of convertible warrants.

The QIP raised ₹800.00 crore, with ₹779.58 crore net proceeds available for utilization. A total of ₹599.84 crore of the QIP proceeds was utilized for land acquisition and development rights, with ₹50.16 crore remaining unutilized.

For the preferential issue, the company received ₹37.50 crore by June 30, 2025, with an additional ₹112.50 crore yet to be received. Of the total preferential issue proceeds, ₹27.47 crore was utilized by September 30, 2025, with ₹10.02 crore remaining unutilized. The unutilized QIP proceeds are deployed in fixed deposits and money market mutual funds totaling ₹50.16 crore, while the unutilized preferential issue proceeds are similarly invested, amounting to ₹10.02 crore.

The company stated that the proceeds were utilized towards their stated objects, with minor deviations in implementation timelines, as noted by the monitoring agency.