According to data on the exchanges, Max Ventures Investment sold 58.85 lakh shares at an average price of Rs 679.2 apiece. This translates into a transaction size of nearly Rs 400 crore.
Post the deal, Max Ventures Investment’s stake in Max Financial Services has fallen to 13.02 percent from 14.72 percent earlier.
However, in response to the CNBC-TV18 newsbreak, Max Financial Services had said that Singh remains engaged and invested in the company and is looking forward to the company’s growth.
Max Financial Services, a part of the $4 billion Max Group, is the holding company for Max Life Insurance Company Ltd. The company owns and actively manages India's largest non-bank owned, private life insurance company.
