Press Release

August 28, 2026 BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544008 SYMBOL: MAXESTATES Sub: Press Release Dear Sir/Madam, Please find enclosed a copy of the press release titled “Max Estates to Acquire ~84.71-Acre Land Parcel in Delhi via Non-Cash Share Swap; Unlocks ~INR 10,000-12,000 Crore GDV Opportunity”, the contents of which are self-explanatory. You are requested to take the aforesaid on record. Yours faithfully, For Max Estates Limited Abhishek Mishra Company Secretary & Compliance Officer Encl: a/a Max Estates Limited Corporate Office: Max Towers, L-20, C-001/A/1, Sector-16B, Noida-201301, Uttar Pradesh, India, | P: +91 120-4743222 Regd Office: Max House 1, Dr. Jha Marg, Okhla Phase 3, Opposite Okhla Railway Station, Okhla Industrial Estate, New Delhi-110020, India Email : secretarial@maxestates.in | Website : www.maxestates.in | CIN: L70200DL2016PLC438718 Investor Release Max Estates to Acquire ~84.71-Acre Land Parcel in Delhi via Non-Cash Share Swap; Unlocks ~INR 10,000- 12,000 Crore GDV Opportunity and marks Company's Entry into NCT Delhi residential market ● Transaction structured entirely as a non-cash share swap — Max Estates to issue up to ~70 Lakhs equity shares at INR 597.50 per share (aggregating up to ~INR 420.2 crore) to landowning company’s shareholders, with no cash outflow from the Company's balance sheet. ● Acquires ~84.71 acres by acquiring SPVs holding these land parcels, unlocking an estimated GDV of ~INR 10,000- 12,000 crore over next few years and marking the Company's entry into Delhi as a third core NCR geography, alongside its existing Noida and Gurugram portfolio. ● Valuation independently anchored by two leading global property consultancies — Cushman & Wakefield and iVAS Partners — with the share-exchange ratio determined by KPMG Valuation Services LLP and a fairness opinion issued by Motilal Oswal Investment Advisors Limited, a Category I Merchant Banker. ● Land acquired at a value of ~INR 4.95 crore per acre, materially below prevailing licensed land values, with land cost estimated at under 5% of GDV versus a typical 20-25% for cash land purchases. ● Adds a multi-year, phase-able land bank to the Company's residential pipeline, enabling forward visibility, while preserving cash on the balance sheet for other land opportunities under parallel evaluation. ● Site sits at the heart of Delhi's westward infrastructure build-out — served by the newly commissioned Urban Extension Road-II (UER-II) and by Delhi Metro. August 28, 2026, New Delhi: Max Estates Limited, the real estate arm of the Max Group, today announced that it has entered into Share Purchase Agreement to acquire the entire ownership interest, in promoter-owned land-holding companies that together own ~84.71-acre land parcel in West Delhi. The acquisition is structured non cash share swap transaction wherein the consideration is discharged entirely through the issue of the Company's own equity shares, is subject to shareholder approval and in-principle approval of BSE Limited and the National Stock Exchange of India Limited. Transaction Structure Max Estates will acquire 100% of ownership interest — comprising shares — in Trophy Estates Private Limited, TVP Investments Private Limited, Hometrail Properties Private Limited, TR Asset Ventures Private Limited, Wegmans Business Park Private Limited, Seven Heaven Buildmart Private Limited, Vitasta Estates Private Limited, Trophy Resorts & Guest Houses Private Limited and Synergy Infracon Private Limited (collectively, the “Land Owning Companies”), as one integrated transaction. On completion, each Land Owning Company becomes a wholly-owned subsidiary of Max Estates. Consideration will be discharged through a preferential allotment of shares, for consideration other than cash, through the issue and allotment of ~70 lakhs fully paid-up equity shares of face value INR 10 each at an issue price of INR 597.50 per share, aggregating up to ~INR 420.2 crore, to the identified allottees in accordance with the share-exchange ratio determined by KPMG Valuation Services LLP, Independent Registered Valuer. One of the few instance of promoter-owned land being acquired by the Company through a share-swap mechanism, directly aligning promoter economics with the value-creation potential of the underlying project and with those of public shareholders. The subject land is subject to land development under the aegis of the Delhi Master Plan 2047. Robust Valuation Process and Governance To ensure independent, arm's-length price discovery, the land was valued separately by two leading global property consultancies — Cushman & Wakefield India and iVAS Partners — while an independent share exchange ratio valuation was undertaken by a KPMG (Registered Valuer), one of the Big Four accounting firm. The relative fair values and resulting share- exchange ratio were determined by KPMG Valuation Services LLP, and a fairness opinion on the transaction was issued by Motilal Oswal Investment Advisors Limited, a SEBI-registered Category I Merchant Banker. The transaction has been reviewed by the Audit Committee and approved by the Board of Directors, and remains subject to the approval of Members at an Extraordinary General Meeting and in-principle approvals from BSE Limited and the National Stock Exchange of India Limited. Business Rationale: Max Estates currently have a residential pipeline of INR 16,150 Cr of GDV from Q2FY27, the company is targeting for next phase of growth in presales and pipeline, a trajectory that requires continuous replenishment of developable land in a market where large, contiguous parcels are increasingly scarce. Delhi in particular offers among the last available sizeable land parcels in the National Capital Territory, most of Delhi's growth land having already been absorbed into the Delhi Development Authority's land-pooling framework or built out. The Delhi parcel, one of the few remaining assemblies of this scale within Delhi, gives Max Estates first-mover access to this constrained pipeline on terms not replicable through an open- market purchase. The transaction also extends Max Estates' residential footprint beyond its existing Noida and Gurugram portfolio into Delhi for the first time, diversifying the Company's geographic base across all three core NCR markets. This land sits at the heart of Delhi's westward urban expansion under Master Plan 2047, an area now benefiting from the Delhi Government and DDA's land-pooling policy and improving physical connectivity via Dwarka, the Gurugram border and IGI Airport. Multi-Year Pipeline and Ecosystem Potential At ~84.71 acres, the land parcel is more than a single project — it is large enough to be developed in phases over a multi- year horizon, this is one large, low-cost land which could act as a long-duration anchor (a “Trunk”) that is developed across successive launches over years, complemented by smaller, faster-turn projects (for this pipeline is already available with an aspiration to add 2 million sqft each year). A parcel of this scale allows Max Estates to plan an integrated, mixed-format development — residential, retail, social and community infrastructure — built out phase-by-phase in line with market absorption, providing multi-year revenue visibility without repeated fresh land acquisition. Value Creation for Shareholders Metric Value Basis / assumption Land area ~84.71 acres Consideration (non-cash) ~INR 420.2 Cr ~70 lakhs shares @ INR 597.50/share Implied land value ~INR 4.95 Cr/acre Per independent third party valuation basis Estimated GDV ~INR 10,000-12,000 Cr Company estimate, at FAR ~2.0x 4-6 mn of developable area Land cost as % of GDV < 5% vs. 20-25% typical for cash land purchases Implied land cost / sq ft (saleable) ~ INR 1,000/sq ft Note: Land cost per sq ft and land cost as % of GDV are ill [Showing first 8,000 characters — download PDF for full document]