Max Ventures Sells Stake in Max Financial for Rs 1,218 Crore

Max Ventures Investment Holdings sold a 3.18 percent stake in Max Financial Services for Rs 1,218 crore through an open market transaction. The transaction led to a decline in the promoters' shareholding to 3.34 percent. Max Financial Services' shares closed at Rs 1,117.25 apiece on the NSE.

In a significant move, Max Ventures Investment Holdings divested a 3.18 percent stake in Max Financial Services, amounting to Rs 1,218 crore, via an open market transaction. This divestment reflects a strategic shift for the promoter entity.

Max Financial Services, part of the Max Group and promoted by Analjit Singh, is the holding company for Max Life Insurance. National Stock Exchange (NSE) bulk deal data revealed that Max Ventures sold a total of 1,10,00,000 shares at an average price of Rs 1,107.37 per share.

This transaction reduces the combined shareholding of promoters in MFSL to 3.34 percent from 6.52 percent. While details of the share buyers remain undisclosed, shares of Max Financial Services ended 1.42 percent lower at Rs 1,117.25 on the NSE. Notably, Max Ventures had previously sold a 3.6 percent stake in the company for Rs 1,091 crore last August.