Large shareholder sells stake worth $145 mln in India's Max Financial Services

Max Financial Services

05/09/2024 17:39

BENGALURU, Sept 5 (Reuters) - A large shareholder of
India's Max Financial Services Ltd (MFSL)  MAXI.NS  offloaded a
nearly 3.2% stake in the company for 12.18 billion rupees
($145.1 million), exchange data showed on Thursday.
    Max Ventures Investment Holdings sold 11 million shares of
the listed company at 1,107.37 rupees per share, a nearly 2.3%
discount to MFSL's closing price on Wednesday.
    The holding company, which has been trimming its ownership
in MFSL since last year, has halved its stake to 3.2% with
Thursday's transaction. 
    It was not immediately clear who bought the shares. MFSL did
not immediately respond to a Reuters' request for comment
seeking details of the buyers. 
    Shares of MFSL, which owns Max Life Insurance, closed 1.4%
lower on Thursday.
   
($1 = 83.9610 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane
Venkatraman)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))