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3.3% stake in Max Financial sold by promoter entity for Rs 982 crore

Aug 25, 2023

By: BlinkX Research Team

On Thursday, Max Ventures Investment Holdings, a member of Max Financial Services' promoter group, sold a 3.3% stake in the business for Rs 982 crore.

At a price of Rs 873 per share, the promoter group entity sold 1.12 crore shares in Max Financial. This is a discount of almost 1% from the stock's closing price on Wednesday.

Max Ventures Investment owned 10% of the financial services firm as of June's end.

Shares of Max Financial closed the day nearly 3% higher at Rs 904.35 despite the selling. This was brought on by institutional investors' high interest in the company.

Canara Robeco Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund bought shares through separate deals on the exchanges, thereby increasing their stake further in the financial services major. Nippon India held a 4.3% stake in the company as of June-end, while Kotak Mahindra MF held a 3% stake. Canara Robeco MF owned 1% stake as of June-end. Kotak Mahindra Mutual Fund, through various schemes, bought 9,19,339 shares for Rs 80.3 crore.

Among global investors, International Monetary Fund, UBS, Morgan Stanley, and Goldman Sachs were the major buyers.

Source: Media Reports