Max Estates has approved a new wholly-owned real estate subsidiary with initial paid-up capital of ₹0.01 Cr.

The company continues to deploy its ₹800 Cr Qualified Institutional Placement (QIP) funds, with ₹511.98 Cr utilized for land acquisition and project development.

₹141.50 Cr unutilized from QIP is parked in fixed deposits and mutual funds.

From its ₹150 Cr Preferential Issue, ₹37.50 Cr has been received.

Remaining funds depend on warrant conversion, which faces risk as the current share price is below the conversion price.

Investors should watch future warrant exercise.