Max Estates' Board of Directors of the company has approved the transaction for the acquisition of three floors in ‘Max Towers’ by Max Towers, a subsidiary of the company from Max India. The three floors (L19, L20, and L20M) have been acquired in Max Towers located in Noida, pursuant to the exercise of the right of first refusal (ROFR).

The acquisition, valued at Rs 105.08 crore, aligns with MTPL’s strategic objective of consolidating its ownership in Max Towers, a commercial property.

The Board of Directors has also approved the material-related party transaction for incremental investment in Acreage Builders (ABPL), a subsidiary of the company, through the subscription of equity shares and/or compulsory convertible debentures (CCDs). This investment will be made jointly by the company and New York Life Insurance Company (NYL) in the existing shareholding ratio of 51:49 for ABPL’s ongoing project, located in Sector-65, Golf Course Extension, Gurugram.

Following this transaction, the total investment in the project will be revised from Rs 585 crore to Rs 670 crore (approx.),to cover costs associated with the acquisition of an additional land parcel and its development and integration with the ongoing project. This investment will significantly improve the access and connectivity of the project from the main Golf Course Extension Road while enhancing the overall development potential of the land.