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Max Financial Buys stake in Moneyline for Rs. 514 cr

Max Financial buys 3.18% stake in Moneyline Portfolio Investments for Rs 514 crore.
BY BEx Bureau
BusinessEx
Aug 17, 2017

In an open market offer, Max Financial Services gets hands on 3.18% stake in Moneyline Portfolio Investments with an amount of Rs 514 crore.

According to the bulk deal data available with BSE, Moneyline offloaded 85 lakh shares, amounting to 3.18% stake, of the firm.

The shares were disposed of at an average price ofRs.605.02 apiece, valuing the transaction atRs.514.27 crore, the data showed.

The buyer of the shares could not be ascertained immediately.

Shares of MFS ended the day on BSE atRs.605.10, up 0.84% from the previous close.

Promoted by the USD 2 billion Max Group, MFS is the holding company of Max Life, which is the groups joint venture with Mitsui Sumitomo Insurance Company.

Last month, Max India had withdrawn the proposed merger agreement between Max Life and MFS with HDFC Standard Life Insurance.

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