New York Insurance Company has completed the acquisition of a 49% stake in two operational office complexes of Max Estates Ltd, the real estate arm of Max Group.

In an exchange filing, Max Estate said that it has received ₹391 crore from the US-based insurer for the acquisition of the stake in Max Towers and Max House, located in Noida and Delhi. With this, the acquisition, announced in May this year, is now complete.

Max Estates will continue to hold a 51% stake in both special-purpose vehicles (SPVs). Shares of Max Estates Ltd opened higher at ₹590.05 a piece on BSE and gained over 2% in an intraday to attain a high of ₹602.05 in the early deals on Wednesday, September 25.

The New York Life Insurance Company has committed a total of ₹1,200 crore to Max Estates following the recent investment. This capital infusion strengthens Max Estates’ capacity to expedite its growth strategies in both the commercial and residential real estate sectors, the filing added.

“We are pleased to announce that our partnership with New York Life Insurance has grown from strength to strength. This capital infusion significantly enhances Max Estates financial capability to deliver top-tier commercial and residential projects in Delhi-NCR while ensuring a well-balanced capital structure to support the company’s growth plans,” said Sahil Vachani, MD & CEO of Max Estates.

Earlier this month, Max Estates announced that it has achieved 100% lease commitment for its Max House Phase 2 projects. The company managed to attain the feat in less than a year of the project getting its Occupancy Certificate.

Max House, featuring two office towers and a vibrant amenities hub, offers approximately 2.6 lakh sq. ft. of leasable space with Phase 2 contributing around 1.50 lakh sq. ft.

Shares of Max Estates Ltd were up 4.17, at ₹611.8 a piece on the BSE at around 10:15 am