Max Financial Services' promoter pares 3.6% stake for Rs 1,091 crore

New Delhi: Max Ventures Investment Holdings, one of the promoter of Max Financial Services, offloaded a 3.6% stake in the company for ₹1,091 crore through open market transactions. Nippon India Mutual Fund (MF), ICICI Prudential MF, Kotak MF, Kotak Mahindra Life Insurance, HDFC Standard Life Insurance, Morgan Stanley Asia Singapore, International Monetary Fund and Plutus Wealth Management among others were the buyers of the shares of MFSL on both BSE and NSE.

Max Financial Services Ltd (MFSL) is the holding firm for Max Life Insurance Company. Max Ventures Holdings offloaded the shares of MFSL in 11 tranches on the BSE.

Max Ventures Investment Holdings sold a total of 1.25 crore shares, amounting to a 3.6% stake in Max Financial Services, as per the block deal data available with the BSE and NSE.


The shares were disposed of at an average price of ₹873 apiece on both BSE and NSE, taking the combined transaction value to ₹1,091.25 crore.

Shares of Max Financial Services jumped 3.12% to close at ₹909 apiece on the NSE and climbed 2.63% to settle at ₹904.80 per piece on the BSE.

In a separate open market transaction on the BSE, CDC Group Plc divested a 1.6% stake in RBL Bank for ₹229 crore through an open market transaction.

CDC Group Plc is the development finance institution of the UK government.