Max Ventures jumps after its arm acquires 97.61% stake in Acreage Builders
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Max Ventures And Industries is currently trading at Rs. 170.30, up by 1.85 points or 1.10% from its previous closing of Rs. 168.45 on the BSE.
The scrip opened at Rs. 182.35 and has touched a high and low of Rs. 182.35 and Rs. 166.00 respectively. So far 3313 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 204.80 on 07-Oct-2022 and a 52 week low of Rs. 85.40 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 182.35 and Rs. 166.00 respectively. The current market cap of the company is Rs. 2500.03 crore.
The promoters holding in the company stood at 49.54%, while Institutions and Non-Institutions held 28.83% and 21.64% respectively.
Max Ventures and Industries’ wholly owned subsidiary -- Max Estates has completed the acquisition of 97.61% equity share capital of Acreage Builders on October 27, 2022 at an enterprise value on 100% basis of Rs 322.50 crore. The acquisition of Balance 2.39% equity share capital is expected to be closed by February 2023. Consequent to the completion of acquisition, Acreage Builders has become a step-down subsidiary of the Company through Max Estates with effect from October 27, 2022.
The reason to acquire Acreage Builders is to use its asset i.e. a 6.24 acre land with a license to develop commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, Gurugram. The potential leasable area of the commercial project is around 1.6 million sq. ft.
Max Ventures and Industries, a part of Max Group, operates primarily in the areas of manufacturing and real estate.
