Max estates announced strategic leadership appointments during its board meeting held on February 6, 2026. The company made key additions to its management structure, strengthening its executive team with experienced professionals from the investment and real estate sectors.

Board Appointments

The board approved two significant appointments during the meeting that commenced at 15:30 hrs (IST) and concluded at 18:30 hrs (IST). The appointments were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Profiles

Ms. Jillian Leigh Moo-Young - Alternate Director

Ms. Moo-Young serves as Senior-Vice President and Head of Alternative Strategy at New York Life Insurance Company, where she oversees investment strategy, asset allocation, and dynamic portfolio management of the company's general account and alternatives portfolio assets. She joined New York Life in 2023 and brings almost 33 years of investment management and financial services experience.

Her professional background includes senior leadership roles at:

• American International Group/Corebridge Financial
• AIG Investments
• Bank of America Merrill Lynch

Ms. Moo-Young holds a BA in Economics from Columbia University and an MBA in Business Administration from Harvard University. She has no relationships with any other directors of the company and is not debarred from holding directorial positions by SEBI or other regulatory authorities.

Mr. Arihant Kothari - Chief Investment Officer

Mr. Kothari brings over 17 years of real estate private equity experience across portfolio management, asset management, investor relations, and capital raising in India and the United Kingdom. His expertise spans multidisciplinary experience, including work with Tishman Speyer, providing extensive exposure to global real estate best practices.

His core competencies include:

• Value creation and capital deployment
• Stakeholder alignment
• Strategic asset performance optimization
• Real estate investment platform management

Regulatory Compliance

The appointments were made pursuant to Regulation 30 of the SEBI Listing Regulations, with requisite details provided in accordance with Schedule III and SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Ms. Moo-Young had previously vacated her office as Alternate Director when Mr. Anthony Ramsey Malloy visited India to attend the February 6, 2026 board meeting.

The Alternate Director appointment is structured so that Ms. Moo-Young shall not hold office for a period longer than permissible to the director in whose place she has been appointed and shall vacate the office when the director returns to India.

Max Estates Limited has submitted monitoring agency reports for the quarter ended December 31, 2025, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP) and Preferential Issue of Convertible Warrants. The reports, prepared by CARE Ratings Limited as the monitoring agency, were reviewed and approved by the Board of Directors at their meeting held on February 6, 2026.

QIP Proceeds Utilization

The company's QIP, conducted from August 29, 2024 to September 03, 2024, raised ₹800.00 crore through the issuance of 1,33,89,121 equity shares at ₹597.50 per share. After deducting issue expenses of ₹20.42 crore, net proceeds available for utilization stood at ₹779.58 crore.

During the quarter ended December 31, 2025, the company utilized ₹23.60 crore from QIP proceeds, primarily for land acquisition and development rights. The major deployment included ₹18.00 crore towards part-payment of dues to the Noida Authority in accordance with the Corporate Insolvency Resolution Plan of Boulevard Projects Private Limited (BPPL), and ₹5.60 crore for GST liability payments.

Preferential Issue Progress

The Preferential Issue of Convertible Warrants, valued at ₹150.00 crore, showed significant progress during the quarter. The company received ₹56.25 crore during the quarter, bringing total receipts to ₹93.75 crore as of December 31, 2025.

Key transactions during the quarter included ₹10.03 crore utilized for the acquisition of Base Buildwell Private Limited (BBPL), which holds development rights for a project in Sector 59, Gurugram. Additionally, ₹46.22 crore was deployed as an interest-free refundable security deposit for transferring land development rights to BBPL.

Fund Deployment and Compliance

The monitoring agency confirmed that all utilization aligned with disclosed objectives, with no deviation from stated objects. Unutilized proceeds of ₹26.56 crore from QIP and ₹10.02 crore from the preferential issue have been deployed in money market mutual funds and fixed deposits as permitted under the placement documents.

Implementation Timeline

While the monitoring agency noted compliance with stated objectives, some delays in implementation were observed. For QIP proceeds, the target utilization of ₹350.00 crore by March 31, 2025 was achieved with a delay of 23 days, with actual utilization reaching ₹328.44 crore by the deadline. The preferential issue objects also experienced delays, with land acquisition completion occurring 87 days after the September 30, 2025 target date.

CARE Ratings Limited confirmed that the company has obtained necessary government and statutory approvals for costs incurred during the quarter, particularly regarding land acquisition from the Noida Authority. The reports will be hosted on the company's website at www.maxestates.in for stakeholder reference.