Max Estates Limited has informed the Exchange regarding Notice of Postal Ballot
MAXESTATES · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Max Estates Limited has issued a Notice of Postal Ballot to seek shareholder approval for a material related party transaction involving its wholly-owned subsidiary Max Estates Gurgaon Two Limited (MEGL2) and Antara Senior Living Limited (ASLL), a wholly-owned subsidiary of Max India Limited. ASLL has been appointed to develop and manage a Senior Living Project spread across ~18 acres in Sector 36A, Gurugram, with ~1 million sq ft out of ~4 million sq ft of total development potential allocated to senior living. ASLL will receive fees of 9.5% of Net Sales Revenue from MEGL2, estimated at up to Rs. 20 crore (excluding taxes) for FY26, which represents 12.46% of Max Estates' FY25 consolidated turnover and 89.64% of ASLL's standalone turnover. The transaction has been certified as arm's length by independent property consultant Savills. Remote e-voting will run from June 11, 2025 to July 10, 2025, with results to be declared by July 14, 2025; related parties are barred from voting on this resolution.
This is a procedural shareholder approval for a promoter-group related party transaction; investors should note that related parties cannot vote, so approval will depend on minority/public shareholder sentiment. The arrangement could help accelerate sales velocity across the larger Gurugram project by leveraging ASLL's senior living expertise, but the structure keeps a significant share of revenue (9.5% of net sales) flowing to a promoter-group entity.