Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

IRDAI approves swap of Mitsui Sumitomo's Max Life stake with its listed parent Max Financial Services

Posted On: 2020-11-28 01:11:32 (Time Zone: Arizona, USA)


Max Financial Services Limited (MFSL) announced that Insurance Regulatory and Development Authority of India (IRDAI) has approved the proposed transfer of 39,47,75,831 equity shares constituting 20.57% of the paid-up equity share capital of Max Life Insurance Company Limited (Max Life) held by Mitsui Sumitomo Insurance Company Limited ("MSI") to MFSL in exchange for issuance of 7,54,58,088 Equity shares of MFSL, constituting 21.87% of issued and paid-up share capital of MFSL (Share Swap Transaction).

MFSL will now proceed for the implementation of the Share Swap Transaction, which will entail swapping by MSI of its 20.57% stake in Max Life with a 21.87% stake in MFSL by way of issue and allotment of 7,54,58,088 equity shares of Rs. 2/- each at a price of Rs. 565.11 per equity share on a preferential allotment basis.

Upon consummation, this will effectively result in MFSL's stake in Max Life increasing to 93.10%. Presently, MFSL holds a 72.5% stake in Max Life and MSI owns 25.5% stake.

Earlier on November 19, 2020, MFSL had disclosed that it has received approval from Department of Economic Affairs (DEA), Ministry of Finance for the aforesaid transaction and that the transaction will be consummated upon receipt of approval from IRDAI.

Commenting on the development, Mohit Talwar, MD, Max Financial and Vice Chairman, Max Group, said, , "IRDAI's approval is a very important milestone for the implementation of our Share Swap transaction. We will work to close the transaction as soon as possible."

MFSL had recently announced that Axis Bank and its subsidiaries, Axis Capital Limited & Axis Securities Limited (together Axis Entities), have entered into agreements with MFSL for acquisition of up to 19% stake in Max Life, in accordance with existing laws and regulations.

Max Life is the fourth largest private life insurer in India while Axis Bank is the third largest private bank. The two companies have had a successful business relationship for over a decade, providing long term saving and protection products to nearly 20 lakh customers. The total premium generated through this relationship has aggregated to over Rs. 40,000 crore. Both companies have invested extensively in product and need-based sales training, thereby leading to consistent increase in productivity.

Shares of Max Financial Services Ltd was last trading in BSE at Rs.648.8 as compared to the previous close of Rs. 637.4. The total number of shares traded during the day was 533328 in over 8011 trades.

The stock hit an intraday high of Rs. 664.75 and intraday low of 633. The net turnover during the day was Rs. 345206841.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

HDFC to sell 24.48% stake in Good Host for Rs. 232.81 crore

The Sandur Manganese & Iron Ores Limited commences Commercial Production of Phase I of 1 MTPA Iron and Steel Project

Aditya Birla Fashion and Retail Limited gets CCI nod for preferential issue to Flipkart

Sagar Cements Ltd board declares second interim dividend of Rs. 2

Strong Retail Demand: Indigo Paints IPO fully subscribed on Day 1

IndiGo transports over 2.1 Mn vaccine doses in 8 days across 16 locations

Agro Tech Foods Ltd Q3 FY2020-21 consolidated net profit at Rs. 8.14 crore

L&T Technology Services Ltd Q3FY21 consolidated net profit up QoQ to Rs. 186.1 crore

Confidence Petroleum India Ltd reports consolidated net profit of Rs. 20.35 crore in Q3FY21

Allsec Technologies Ltd posts Q3FY21 consolidated PAT of Rs. 8.87 crore

Sagar Cements Ltd Q3FY21 consolidated net profit at Rs. 49.67 crore

Bajaj Finserv Ltd posts Rs. 1289.96 crore consolidated PAT in Q3FY21

Oriental Aromatics Ltd Q3FY21 consolidated PAT up at Rs. 36.35 crore

Havells India Ltd board declares interim dividend of Rs. 3

Everest Industries Ltd Q3FY21 consolidated PAT slides QoQ to Rs. 5.38 crore

Tejas Networks Ltd Q3FY21 consolidated net profit at Rs. 9.23 crore

Havells India Ltd reports Rs. 350.14 crores consolidated PAT in Q3FY21

Indo Rama Synthetics India Ltd Q3FY21 consolidated net profit at Rs. 76.17 crore

Phillips Carbon Black Limited board declares interim dividend of Rs. 7

GMM Pfaudler Ltd Board approves 3rd interim dividend of Rs. 1

Laurus Labs Ltd completes acquisition of 72.55% in Richcore Lifesciences Pvt Ltd

Gulshan Polyols Ltd announces financial results for Q3FY21

HDFC Asset Management Company Ltd posts PAT of Rs. 369.26 crore in Q3FY21

VST Industries Ltd Q3FY21 PAT slips to Rs. 73.71 crore

Phillips Carbon Black Ltd posts Rs. 125.44 crores consolidated PAT in Q3 FY2020-21

GMM Pfaudler Ltd Q3FY21 consolidated PAT at Rs. 23.16 crore

Tanla partners with Microsoft to launch blockchain-enabled CPaaS platform, Wisely

Infosys Ltd launches Infosys Cortex

Sheetal Cool Products Limited receives approval certificate from Export Inspection Council

Quint Digital Media Ltd board approves 1:1 bonus issue

Bajaj Finance Ltd Q3FY21 consolidated net profit at Rs. 1145.98 crore

ACE develops Li-Ion Electric forklifts

CMI gets vendor approval from a prestigious Company

Sasken Technologies Ltd posts Rs. 33.90 crore consolidated PAT in Q3FY21

The Tinplate Company of India Ltd posts QoQ surge in PAT to Rs. 32.82 crore in Q3FY21

Udaipur Cement Works Ltd Q3FY21 net profit climbs to Rs. 15.55 crore

Quint Digital Media Ltd Q3FY21 PAT at Rs. 0.90 crore

LT Foods subsidiary acquires 30% stake in Leev, Netherlands

Radio City & Mid-day Award Top OTT Talent with the Second Edition of the Hitlist OTT Awards

Sterlite Technologies Ltd posts consolidated PAT of Rs. 86.64 crore in Q3FY21

The Federal Bank Ltd Q3FY21 consolidated PAT at Rs. 418.14 crore

Hindustan Zinc Ltd Q3FY21 net profit rises to Rs. 2200 crore

Cigniti signs up as a Medecision Liberation Strategic Partner

Karda Constructions reports strong turnaround in Q3 as construction activities resume post-lockdown

Newgen Software Technologies Ltd Q3FY21 consolidated PAT higher at Rs. 35.41 crore

Maruti Suzuki commences production and export of Jimny from India

Mindtree helps Aflac Simplify Claims Experience for Customers

Birla Precision Technologies Limited allots 84,31,703 Equity Shares at Rs. 5.93 to promoter

L&T Construction bags large contracts for its Power Transmission & Distribution Business in Bangladesh

AGEL commissions 150 MW Solar Power Plant at Kutchh, Gujarat, 3 months ahead of schedule



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020