Max Financial Services had 1.12 crore shares or 3.6 percent of the total equity exchange hands in a large trade which took place in the pre-market block window.
Shares exchanged hands at an average price of Rs 883. Buyers and sellers in the transaction are not known. The total transaction size is well over Rs 1,000 crore.
However, CNBC-TV18 had reported in its dealing room chatter on Wednesday that a large deal is likely to take place in the stock in which the promoter entity is likely to be the seller.
Post this, the promoter had pared 1.7 percent stake in the company worth nearly Rs 400 crore via block deal on December 22.
However, in March this year, CNBC-TV18 had reported that Max Financial's proposed promoter stake sale has hit a roadblock over a mismatch in expectations, citing people with knowledge of the matter.
The promoters, led by Analjit Singh want to retain some stake for potential upside in the future, according to the sources.
Shares of Max Financial Services are trading 3.5 percent higher at Rs 912.4, but are off the day's high.
First Published: Aug 24, 2023 9:08 AM IST
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