NewsVoir New Delhi [India], September 25: Further to our previous intimation dated 1st May 2024, regarding the strategic investment by New York Life Insurance Company ("NYL"), Max Estates Limited ("Max Estates") is pleased to announce the successful closure of the transaction with New York Life Insurance Company acquiring 49 per cent stake in Max Towers and Max House (Phase I & II), by deploying Rs 391 Crore, marking a key milestone in the partnership. Both are rent-yielding operational commercial assets located in Noida and Delhi. Max Estates continue to hold a 51 per cent stake in both SPVs.
Also Read | James Cameron Joins Stability AI Board, Avatar Director To 'Unlock New Ways for Artists To Tell Stories' With GenAI and CGI: Report. With this investment, NYL has now committed a cumulative amount of Rs 1200 Crore with Max Estates. This infusion of capital enhances Max Estates' ability to accelerate its growth plans across both commercial and residential real estate segments.
Following the Qualified Institutional Placement (QIP), Max Estates now has an Equity growth capital of more than Rs 1200 Crore, which will be instrumental in expanding its operations and seizing new opportunities in the real estate sector. Also Read | World Day of Migrants and Refugees 2024 Date and Theme: Know Significance of WDMR That Aims To Create Awareness on the Challenges Faced by Migrants and Refugees. Commenting on this development, Sahil Vachani, MD & CEO of Max Estates, said, "We are pleased .