Max Financial Services Ltd (MFSL) shares fell as much as 3 percent in intraday trade on Thursday after its promoter entity Max Ventures Investment Holdings Pvt. Ltd sold 14.9 lakh equity shares of the company.
In an open market transaction on March 22, 2023, Max Ventures offloaded a total of 14,99,997 shares of Max Financial Services, according to data on the National Stock Exchange. The transaction was worth Rs 94.5 crore.
The shares were sold at an average price of Rs 629.75 per piece, taking the total outflow to Rs 94.46 crore.
MFSL’s offloaded shares were picked by New York Life Insurance Company.
Max Financial’s shares ended at Rs 646.35 per piece on the BSE in Wednesday’s trade.
Last week, CNBC TV-18 reported that the proposed promoter stake sale of Max Financial had hit a roadblock over a mismatch in expectations. Sources had cited that the Analjit Singh-led promoter group intended to sell only 7 percent out of the 11.45 percent stake.
In December 2022, Max Ventures offloaded a 1.7 percent stake in MFSL through multiple large trades. The promoter entity had sold 58.85 lakh shares of the financial services company at an average price of Rs 679.2 apiece, taking the transaction size to nearly Rs 400 crore.
After the deal, Max Ventures’ shareholding in MFSL reduced to 13.02 percent from 14.72 percent.
Shares of Max Financial Services ended 2.2 percent lower at Rs 632.1.
