Max India surges on getting IRDAI’s nod for divestment of stake held in Max Bupa.

Max India is currently trading at Rs. 80.00, up by 1.70 points or 2.17% from its previous closing of Rs. 78.30 on the BSE.

The scrip opened at Rs. 77.80 and has touched a high and low of Rs. 84.80 and Rs. 75.60 respectively. So far 70348 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 89.60 on 27-Dec-2018 and a 52 week low of Rs. 54.10 on 22-Aug-2019.

Last one week high and low of the scrip stood at Rs. 84.80 and Rs. 75.40 respectively. The current market cap of the company is Rs. 2048.57 crore.

The promoters holding in the company stood at 40.93%, while Institutions and Non-Institutions held 41.07% and 18.00% respectively.

Max India has received an approval from Insurance Regulatory and Development Authority of India (IRDAI) for divestment of entire shareholding of the company held in its material subsidiary viz. Max Bupa Health Insurance Company (equivalent to 51% of Max Bupa’s total issued and paid-up equity share capital) to Fettle Tone LLP ( an affiliate of True North Fund VI LLP).

The parties to the arrangement are in the process of completing certain conditions precedents to the aforesaid divestment and expect to complete the transaction in few weeks, consequent to which, Max Bupa Health Insurance Company shall cease to be a subsidiary of the company.

Max India is engaged in the business of investments and providing consultancy services to group companies. The company’s segments are Healthcare Business, Business Investments, Health Insurance, Senior Living and others.