Max Financial’s promoter entity sells 3.3% stake for Rs 982 crore

25 Aug 2023 , 11:30 AM

Max Ventures Investment Holdings, a promoter group entity of Max Financial Services, on Thursday, sold a 3.3% stake in the company for Rs 982 crore.

The promoter group entity sold 1.12 crore Max Financial shares at Rs 873 each. This is on a 1% discount to the stock’s closing price on Wednesday.

Max Ventures Investment owned a 10% stake in the financial services company as of the end of June.

Despite the selling, Max Financial shares closed nearly 3% higher at Rs 904.35. This was owing to institutional investors’ strong desire for the company.

Canara Robeco Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, and Nippon India Mutual Fund purchased shares in separate transactions on the exchanges, expanding their position in the financial services firm.

As of June 30, Nippon India owned 4.3% of the company, while Kotak Mahindra MF owned 3%. Canara Robeco MF had a 1% holding at the end of June.

Max Financial also lists the Government of Singapore among its primary FPI investors. The Singapore government owned a 1.7% stake in the company as at the end of June 2023.

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