Goldman Sachs seeking to sell Max Financial Services’ 15% shares

India Infoline News Service | Mumbai | September 19, 201615:58 IST

This will generate a nearly threefold return in dollar terms on a seven-year-old investment for the Wall Street bank.

In a Rs 2,400 crore deal expected through the route of secondary market trades, a Goldman Sachs-managed private equity fund is looking to sell its 15 per cent stake in Max Financial Services, says an ET report.

This will generate a nearly threefold return in dollar terms on a seven-year-old investment for the Wall Street bank, as per the report.

In line to avail the benefits of a stock market rally and a sharp spike in share prices post a three-way merger between Max Financial Services' insurance business and HDFC Standard Life, Goldman first invested in the company back in 2009, the report said.

The block trades which are likely to take place quite soon, will be managed by Citigroup since Goldman Sachs has hired the group for the aforesaid purpose, added the report.

 

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