Max group's Analjit Singh likely to sell assets to repay loans, says report

Max group promoter Analjit Singh is looking to sell assets to repay loans raised through the pledging of promoter shares, reported Business Standard.

Singh is planning to sell a minority stake in Max Financial Services (MFSL), the holding company of Max Life, as well as some real estate assets, the report said citing merchant banking sources.

According to the report, Singh will sell 5 percent of his 12 percent stake in the entity formed after the merger of KKR-backed Radiant Life Care and Max Healthcare.

The process will be completed in four to six months and promoters have decided not to sell off or merge the life insurance business with a strategic investor, the report said.

The report also added that the group might also consider selling its speciality films business, in which it has a 49 percent stake, to repay the loans.