Max Estates Limited — Others, 08-08-2025: Monitoring Agency Report

Max Estates' Board approved forming a wholly-owned real estate subsidiary with Rs 0.01 Cr paid-up capital, aligning with its core business. The Board also reviewed progress reports on its Qualified Institutional Placement (QIP) and Preferential Issue proceeds. The Rs 800 Cr QIP funds are 82% utilized (Rs 658.50 Cr), primarily for land acquisition and settling project liabilities, with no deviations from stated objectives. From the Rs 150 Cr Preferential Issue (warrants), Rs 37.50 Cr has been received, with minimal utilization. A key investor insight is the current share price being below the warrant exercise price, which could impact future fund inflows. Unutilized funds from both issues remain invested in FDs and mutual funds.