Goldman Sachs subsidiary to sell 3.7% stake in Max Financials for Rs 550 crore

MUMBAI: Mauritius-based GS Mace Holdings, a subsidiary of Goldman Sachs, has proposed to sell 3.7% stake in Max Financials to raise $ 82 million (Rs 550 crore) on Tuesday. The stake sale would be done sthrough an accelerated book-building process. If the share sale goes through, GS Mace Holding's stake in the company would fall to 6.43%.

The floor price has been fixed at Rs 550 per share, a discount of 7.52% to the closing price of Rs 594.75 on Monday. The sale is part of the stake monetisation plan by foreign investor, the term sheet said.

Max India demerged into three separate companies last year. The three demerged entities are Max Ventures, Max Financial Services and Max India Ltd. Max Ventures shares closed 1.57% down at Rs.56.25 on BSE.