Max estates Limited has announced additional investments in its subsidiary Max Estates Noida Private Limited (MENPL) through convertible debenture subscriptions by both the company and its strategic partner New York Life Insurance Company (NYL). The transaction, completed on January 9, 2026, represents a significant capital infusion into the subsidiary.

Investment Details

The additional subscription involves Series I 10% coupon unsecured compulsory convertible debentures of MENPL, with both investors participating in the funding round.

Strategic Partnership Background

This latest investment builds upon the existing partnership between Max Estates and NYL. The companies had previously executed a binding Memorandum of Understanding on March 27, 2025, establishing the framework for NYL's investment in MENPL. In July 2025, both parties had committed to subscribing 45,03,00,000 Series I convertible debentures for an aggregate consideration of ₹450.30 crores.

Regulatory Compliance

Max Estates has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company confirmed that information required under SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, was previously submitted to stock exchanges on March 27, 2025.

Transaction Timeline

The additional debenture subscription was completed on January 9, 2026, at 20:35 Hours IST, marking another milestone in the ongoing partnership between Max Estates and New York Life Insurance Company. This continued investment demonstrates both parties' commitment to expanding MENPL's operations and capitalizing on growth opportunities in the real estate sector.

The convertible nature of these debentures provides flexibility for future equity participation, while the 10% coupon rate offers attractive returns during the debenture period. This structure aligns the interests of both strategic and financial investors in MENPL's long-term success.

Max Estates Limited has completed the allotment of 11,41,552 equity shares to its promoter entity through warrant conversion, raising ₹56.25 crores and strengthening the company's capital base. The transaction was approved by the Investment and Finance Committee on January 6, 2026.

Warrant Conversion Details

The allotment involved conversion of warrants by Max Ventures Investment Holdings Private Limited, the company's promoter entity. The conversion was executed at ₹657.00 per share, comprising a face value of ₹10.00 and a premium of ₹647.00.

This conversion represents the balance 75% payment for the warrants, following the initial 25% payment of ₹164.25 per warrant made during the original allotment in October 2024.

Impact on Share Capital and Shareholding

The warrant conversion has resulted in a significant increase in the company's paid-up share capital and altered the shareholding pattern. The company's total share capital increased by ₹1,14,15,520.00.

The promoter group's shareholding has increased from 44.89% to 45.28%, while public shareholding decreased proportionally from 55.11% to 54.72%.

Shareholding Pattern Changes

The allotment has strengthened the promoter group's stake in the company while maintaining compliance with regulatory requirements.

Regulatory Compliance and Listing

The newly allotted equity shares will rank pari passu with existing equity shares from the date of allotment and will be credited in dematerialized form to the allottee's demat account. The shares are subject to lock-in provisions under SEBI (ICDR) Regulations, 2018.

Max Estates will apply to BSE Limited and National Stock Exchange of India Limited for listing and trading approval of the allotted equity shares in accordance with applicable regulatory provisions. This conversion follows the company's earlier intimation dated October 10, 2025, regarding the allotment of 11,41,552 equity shares to Mr. Sunil Vachani through warrant conversion, indicating the systematic execution of the warrant conversion program initiated in October 2024.