Max Financial Services’ promoter entity, Max Venture Investment Holdings Pvt Ltd, sold a 3.2% equity stake in the company on September 5, amounting to over Rs 1,218 crore. This sale represents nearly half of the promoter’s shareholding, as per a filing with the stock exchanges.
The stake sale involved 1.1 crore shares, with proceeds used to pay off the promoter entity’s debts, completely removing any pledge on its shares. Post-sale, Max Venture holds a 3.22% stake in Max Financial, or roughly 1.11 crore shares.
Max Financial’s stock saw a slight rise on September 6, trading at Rs 1,119.5, up 0.2%, following a 1.5% decline the previous day. On September 5, large deals worth Rs 1,637 crore were reported, with around 1.5 crore shares (or 4.3% of Max Financial) changing hands.
This move has been seen as a significant deleveraging step for the promoter entity, positioning Max Financial for future growth.
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Source: Moneycontrol
News Desk
