Max Estates Ltd. has raised Rs 800 crore in a qualified institutional placement, which closed on Tuesday. The company allocated 1.33 crore shares at an issue price of Rs 597.50 apiece, indicating a discount of 4.97% on the floor price at Rs 628.74 per share, according to an exchange filing.
Earlier, the real estate developer approved the floor price of Rs 628.74 per share for its Rs 800-crore QIP. It had considered and approved raising funds via public or private offerings, including a QIP, at a board meeting held on July 15.
Shares of Max Estates closed 1.43% higher at Rs 657.45 apiece on the BSE, compared to a 0.01% fall in the benchmark Sensex. The stock has risen 132.54% from the date of its listing and rose 112.12% on a year-to-date basis.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 5.8%.
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