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Max Financial Services promoter exploring options for stake sale | CNBC TV18 Exclusive

market | Nov 30, 2022 1:43 PM IST

Max Financial Services promoter exploring options for stake sale | CNBC-TV18 Exclusive


A significant dilution of Analjit Singh's stake could trigger an open offer for the company.

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Max Financial Services promoter Analjit Singh is exploring options for a possible sale of his stake in the company, people with knowledge of the matter told CNBC-TV18.
Sources further added that Singh, who owns 14.72 percent stake in Max Financial, is in talks with private equity and strategic investors for the same.
Singh, the promoter of Max Financial, which also owns Max Life Insurance is likely to value the company at a Rs 27,000 crore valuation, according to the sources.
A significant dilution of his stake could trigger an open offer for the company.
Mitsubishi Sumitomo Insurance owns 21.8 percent stake in Max Financial Services while Axis Bank is the co-promoter of Max Life Insurance with a 12.99 percent stake.
In response to CNBC-TV18's queries, Max Financial Services said that Analjit Singh remains engaged and invested in the company and is looking forward to the company's growth.
On Monday, Max Financial said that it has received approval from IRDAI to purchase the balance 5.2 percent stake held by Mitsui Sumitomo Company Ltd in Max Life. The transaction is expected to be concluded in the next fortnight, it said in a regulatory filing.
Post completion of the balance stake buyout, MFSL shareholding in Max Life will increase to 87 percent, the filing said.
Max Financial owns and actively manages an 81.8 percent majority stake in Max Life Insurance, India’s largest non-bank, private life insurance company.
Shares of Max Financial Services are trading 0.4 percent higher at Rs 697.65.
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