Max Estates Limited's board of directors, in its meeting on 27 Mar 25, approved several key items:

• Appointment of Ms. Ira Gupta as an Additional Director (Non-Executive Independent Director) for 5 years, effective 27 Mar 25, subject to shareholder approval.
• Reclassification of Ms. Neelu Analjit Singh from 'Promoter and Promoter Group' to 'Public' category, following a settlement agreement dated 13 Jan 25 and divorce order dated 19 Feb 25.
• Entry into binding MoUs with New York Life Insurance Company (NYL) for proposed investments in subsidiaries:
  • Max Estates Noida Private Limited (MENPL): NYL to invest approximately ₹293 crores and Max Estates Limited (MEL) to invest approximately ₹333.4 crores via CCDs to develop a 41,835.46 sq meters land in Sector 105, Noida (Sector 105 Project). CCDs have a 10% coupon rate and are convertible post 8 years or on Occupation Certificate.
  • Boulevard Projects Private Limited (BPPL): NYL to invest approximately ₹257 crores and MEL to invest approximately ₹267.5 crores via CCDs to develop a 34,697 sq meters commercial plot in Sector 16-B, Noida (Delhi One Project). CCDs have a 10% coupon rate and are convertible after 6 years.