Max India Plans To Raise Rs 125 Crore Via Rights Issue

Max India Ltd. plans to raise up to Rs 125 crore through a rights issue of equity shares with a face value of Rs 10 each, according to an exchange filing on Tuesday.

The shares will be available to eligible equity shareholders as of the record date, which will be determined later, as per the regulatory filing.

To implement the rights Issue, the company will finalise the detailed terms, such as issue price, entitlement ratio, record date, payment terms, and timing, in line with applicable laws, it added.

Earlier, on March 20, Max India announced that its wholly owned subsidiary— Antara Senior Living Ltd. made an investment of Rs 7.03 crore in Max Estates Noida Pvt. Ltd. to acquire 10% equity stake in it.

Shares of Max India closed 8.21% higher at Rs 200.41 apiece on the BSE, compared to a 2.19% rise in the benchmark Nifty 50. The stock has fallen 10.07% in the last 12 months and 26.22% year-to-date.