Max Financial Services Ltd (MFSL), part of Max Group, is the holding company of Max Life Insurance | Photo: X@MaxLifeIns
Max Ventures Investment Holdings, the promoter of Max Financial Services, on Thursday sold 3.18 per cent stake in the company for Rs 1,218 crore through an open market transaction.
Max Financial Services Ltd (MFSL), promoted by Analjit Singh and part of the Max Group, is the parent company of Max Life Insurance.
According to bulk transaction data available on the National Stock Exchange (NSE), Max Ventures Investment Holdings sold a total of 11,000,000 shares representing 3.18 per cent stake in Noida-based Max Financial Services.
The shares were sold at an average price of Rs 1,107.37 apiece, taking the transaction value to Rs 1,218.11 crore.
Following the latest transaction, the combined promoters’ stake in MFSL has declined to 3.34 per cent from 6.52 per cent.
Details of the purchasers of Max Financial Services shares could not be determined.
Shares of Max Financial Services Ltd fell 1.42 per cent to close at Rs 1,117.25 apiece on the NSE.
In August last year, Max Ventures Investment Holdings, one of the promoters of Max Financial Services, sold a 3.6 per cent stake in the company for Rs 1,091 crore.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 5, 2024 | 10:15 PM IS
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