Max Financial Services Plans Rs 2,000 Cr QIP for Subsidiary Growth

Max Financial Services Limited's Board approved raising up to Rs 2,000 crore through qualified institutional placement (QIP) or other permissible modes via equity shares or equity-based securities in one or more tranches.

Funding Purpose and Approvals

Primary proceeds target funding needs of material subsidiary Axis Max Life Insurance Limited for business expansion, with balance for general corporate purposes. Authorised share capital increases from Rs 70 crore (35 crore shares of Rs 2) to Rs 75 crore (37.5 crore shares), subject to shareholder approval via postal ballot.

Shares of Max Financial Services Limited was last trading in BSE at Rs. 1696.15 as compared to the previous close of Rs. 1725.25. The total number of shares traded during the day was 273775 in over 1502 trades.

The stock hit an intraday high of Rs. 1720.00 and intraday low of 1678.00. The net turnover during the day was Rs. 465345339.00.

Source : Equity Bulls

Keywords

MaxFinancialServices INE180A01020 LifeInsurance FundRaising QIP