Max Estates Ltd has signed a memorandum of understanding (MoU) with New York Life Insurance Company (NYL) for investment in Max Towers Private Limited (MTPL) and Pharmax Corporation Limited (PCL), a wholly-owned subsidiary.

According to the stock exchange filing, NYL will subscribe to 1,07,89,330 equity shares to be issued by MTPL for an aggregate consideration of approximately ₹56.525 crore; and acquire 2,63,76,841 equity shares of MTPL, from the Company for an aggregate consideration of approximately ₹138.19 crore.

NYL will subscribe to 74,48,814 equity shares to be issued by PCL for an aggregate consideration of approximately ₹34.756 crore; and acquire 3,40,64,700 equity shares of PCL, from the company for an aggregate consideration of approximately ₹158.95 crore.

NYL will hold 51 per cent and 49 per cent of the share capital of MTPL & PCL, respectively, on a fully diluted basis.

Max Estates stock closed at ₹293.25 on the NSE on Tuesday’s trade, lower by 1.15 per cent.