Max Estates completes acquisition of stake in Acreage Builders Pvt Ltd

Max Estates Limited has completed the acquisition of 97.61% equity share capital of Acreage Builders Private Limited on October 27, 2022 at an enterprise value on 100% basis of INR 322.50 Crores. The acquisition of Balance 2.39% equity share capital is expected to be closed by February 2023. Consequent to the completion of acquisition, Acreage Builders Private Limited has become a stepdown subsidiary of the Company through Max Estates Limited with effect from October 27, 2022.

The reason to acquire Acreage Builders Private Limited is to use its asset i.e. a 6.24 acre land with a license to develop commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, Gurugram. The potential leasable area of the commercial project is ~1.6 million sq. ft.

Shares of Max Ventures and Industries Limited was last trading in BSE at Rs. 168.45 as compared to the previous close of Rs. 171.00. The total number of shares traded during the day was 21639 in over 976 trades.

The stock hit an intraday high of Rs. 171.65 and intraday low of 166.00. The net turnover during the day was Rs. 3650985.00.

Source : Equity Bulls

Keywords

MaxVenturesandIndustries INE154U01015 MaxEstates AcquisitionComplete AcreageBuilders