Max Ventures to buy Acreage Builders for Rs 292 crore; stock zooms 5%

Shares of Max Ventures Industries rose nearly 5 per cent in Wednesday's trade after the company announced the acquisition of Acreage Builders for Rs 291.5 crore.

The company executed the share purchase agreement on September 6 for the acquisition of a 100 per cent stake in the realty player.

Following the update, at 12.47 pm, the scrip was trading 3.45 per cent higher at Rs 131.80 over the last day’s closing of Rs 127.40 a piece. The stock has rallied 196 per cent in the last three months and is up nearly 45 per cent in the past one year.

Sahil Vachani, MD & CEO of MaxVIL said, this acquisition marks our entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi-NCR and pan-India.

“The transaction will further diversify the geographic footprint of our CRE Portfolio and aid our aspiration of becoming a leading player in the Delhi-NCR,” Vachani added.

As we scale, our focus will be on strengthening organization capacity and capability to drive seamless execution across both commercial and residential opportunities and, in turn, unlock multi-fold value for all our stakeholders, Vachani said.