Max group's Analjit Singh has received over 1.67 lakh shares of three group companies as a gift from his son Veer Singh who has exited his personal holdings in Max Ventures, Max India and Max Financial Services, according to exchange filings on Thursday.
Veer Singh has gifted 1,00,000 shares held by him in Max Financial Services; 47,637 shares in Max Ventures and 20,000 shares in Max India Ltd without any consideration on March 2, 2021, to his father Analjit Singh, according to separate exchange filings from these entities.
With this, Veer Singh will not hold any shares in these entities. Analjit Singh, Neelu Analjit Singh, Piya Singh, Tara Singh Vachani and Max Ventures Investment Holdings Pvt Ltd constitute the promoter and promoter group shareholder in Max India with a total holding of 40.89 per cent equivalent to 2,19,91,013 shares post the transfer of gift shares to Analjit Singh by Veer Singh.
Similarly, these five entities will together constitute 17.26 per cent holding in Max Financial Services Ltd (MFSL) after the gifting of shares. While, these five entities along with Siva Enterprises Pvt Ltd and Ravi Vachani will collectively hold 49.68 per cent as promoter and promoter entities in Max Ventures and Industries Ltd post the gift shares' transfer to Analjit.
MFSL shares closed 0.87 per cent lower at Rs 916.15 apiece on BSE. Max Ventures ended down 0.33 per cent at Rs 61.20 and Max India closed 3.85 per cent higher at Rs 67.45 apiece. .
