Max Estates Limited has informed the Exchange regarding 'Monitoring Agency Reports for the quarter ended March 31, 2025'.
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Awaiting price reaction for this filing.
Max Estates has filed the CARE Ratings Monitoring Agency Reports for the quarter ended March 31, 2025, covering its Rs 800 crore QIP (Aug-Sep 2024) and Rs 150 crore Preferential Issue of convertible warrants. Under the QIP, the company has utilised Rs 474.96 crore so far — Rs 328.44 crore for land/land development rights (including payments to Noida Authority), Rs 126.17 crore for general corporate purposes, and Rs 20.35 crore for issue expenses — leaving Rs 325.04 crore unutilised, parked in bank FDs and liquid mutual funds earning 7.4% to 8.9%. No deviation from stated objects has been reported, but land-acquisition deployment of Rs 350 crore was targeted by end-FY25 against actual deployment of Rs 328.44 crore, indicating a minor lag. On the warrants issue, only the 25% upfront amount of Rs 37.50 crore has been received, with Rs 112.50 crore still pending, and the report flags that the current share price is below the warrant exercise price, which could affect future exercise.
Clean compliance with stated use of funds is a positive, but investors should watch the mild QIP land-deployment shortfall and the risk that the Rs 112.5 crore balance from the warrants issue may not come in if the stock stays below the exercise price, potentially reducing expected capital infusion.