Max Financial Services' (MFS) shareholders have given approval to Mitsui Sumitomo Insurance (MSI) to swap 19.98 per cent of its shareholding in Max Life Insurance with 21.45 per cent stake in MFS.
MFS is the holding company of Max Life Insurance Company (MLIC), wherein MSI holds nearly 26 per cent stake. Shareholders have given approval for allotment of up to 7.35 crore shares of a face value of Rs 2 each of MFS fully paid-up on a preferential basis to MSI. Shareholders of the company also approved increase in authorised share capital of the company from Rs 60 crore to Rs 70 crore.
Max Financial Services, a part of the $2 billion Max Group, is the holding company for Max Life, India’s largest non-bank, private life insurance company.
