Max Financial Services subsidiary Max Life incorporates PF company

3 Mar 2022 , 11:00 AM

Max Life Insurance Company Limited (Max Life), a material subsidiary of Max Financial Services Limited, has incorporated a wholly owned subsidiary under the Companies Act, 2013 with the name “Max Life Pension Fund Management Limited” (PF Company) at Gurugram, Haryana.

The company further said in a filing on Wednesday that Max Life will infuse a capital of Rs55 crore in the PF Company by subscribing 5.50 crore equity shares bearing face value of Rs10/- each of the said PF Company in line with the resolution passed by the Board of Directors of Max Life in this regard on November 9, 2021.

At around 11.03 am, Max Financial Services Ltd was trading at Rs831.50 per piece down by Rs21.85 or 2.56% from its previous closing of Rs853.35 per piece on the BSE.