Max Financial Services' promoter sells 3.18% stake for ₹1,218 crore

Max Ventures Investment Holdings, a promoter entity of Max Financial Services, on Thursday divested a 3.18% stake in the company for ₹1,218 crore through an open market transaction.

Analjit Singh-promoted Max Financial Services Ltd (MFSL), a part of the Max Group, is the holding company for Max Life Insurance.

According to the bulk deal data available on the National Stock Exchange (NSE), Max Ventures Investment Holdings sold a total of 1,10,00,000 shares amounting to a 3.18% stake in Noida-based Max Financial Services.

The shares were disposed of at an average price of ₹1,107.37 apiece, taking the transaction value to ₹1,218.11 crore.

After the latest transaction, the combined shareholding of promoters in MFSL has declined to 3.34% from 6.52%.

Details of the buyers of Max Financial Services' shares could not be ascertained.

Shares of Max Financial Services Ltd fell 1.42% to close at ₹1,117.25 apiece on the NSE.

In August last year, Max Ventures Investment Holdings, one of the promoters of Max Financial Services, offloaded a 3.6% stake in the company for ₹1,091 crore.