Max Estates' Shareholding Increases in MSL Following Debenture Conversion
Max Estates Limited has enhanced its equity stake in its subsidiary, Max Square Limited (MSL), following the completion of a debenture conversion on August 11, 2026. The transaction involved the allotment of Equity Shares by MSL pursuant to the conversion of outstanding Compulsorily Convertible Debentures (CCDs).The conversion facilitated the issuance of 87,509,608 fully paid-up equity shares in MSL, at a face value of INR 10 each. The total CCDs converted across all allottees amounted to 8,75,09,608. Key entities involved included Max Estates Limited (converting 4,46,30,000 Series A CCDs)and New York Life Insurance Company (converting 4,28,79,608 Series B CCDs).
The conversion resulted in Max Estates acquiring 4,46,30,000 additional Equity Shares of MSL through the conversion of its Series A CCDs. This investment transaction represented a cost of INR 44.63 Crore, representing the aggregate face value of the converted CCDs held by the company.
The acquisition details and resulting change in ownership are outlined below:
| Parameter | Before Conversion | After Conversion |
|---|---|---|
| Equity Shares in MSL | 11,09,30,000 (approx. 51%) | 15,55,60,000 (approx. 51%) |
Despite the increase in shareholding for Max Estates Limited, the company's percentage shareholding and control over MSL remain unchanged, with MSL continuing as a subsidiary of Max Estates Limited. The transaction was completed on an arm’s length basis, as MSL is already a subsidiary and related party to the company.
Max Square Limited (MSL) Profile
Max Square Limited operates in the Real Estate industry, engaged in the development and operation of commercial real estate projects. As of March 31, 2026, MSL reported Total Assets of INR 1,104.82 Crore.Financial metrics for MSL include:
| Metric | Detail |
|---|---|
| Pre-conversion Paid-up Equity Share Capital | INR 217.51 Crore (21,75,09,608 shares) |
| Post-conversion Paid-up Equity Share Capital | INR 305.02 Crore (30,50,19,216 shares) |
| Turnover for FY 2025-26 | INR 57.69 Crore |
MSL has shown consistent growth in turnover, recording INR 10.59 Crore in FY 2023-24 and INR 31.76 Crore in FY 2024-25 prior to the reported figures for FY 2025-26.
MAXESTATES Stock Price Movement
On Wednesday, shares of Max Estates Limited slipped by 1.09%, settling at ₹420.65. This decline occurred as the stock concluded trading with a volume of 59,253 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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