Max India trades jubilantly after selling 26% stake in life insurance venture

Max India is currently trading at Rs. 203.00, up by 14.75 points or 7.84% from its previous closing of Rs. 188.25 on the BSE.

The scrip opened at Rs. 195.10 and has touched a high and low of Rs. 207.50 and Rs. 192.50 respectively. So far 977839 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 214.75 on 20-Sep-2011 and a 52 week low of Rs. 140.10 on 30-Dec-2011.

Last one week high and low of the scrip stood at Rs. 207.50 and Rs. 171.90 respectively. The current market cap of the company is Rs. 5426.31 crore.

The promoters holding in the company stood at 37.03% while Institutions and Non-Institutions held 37.70 % and 25.27% respectively.

Max India has sold a 26% stake in its life insurance venture to Japan’s MS&AD Insurance Group Holdings Inc. for Rs 2,700 crore or $580 million.

Recently, the company’s three members namely -- Madison Holdings, Melany Holdings and Parkville Holdings -- offloaded 8.29 million shares of the healthcare firm for over Rs 145 crore through open market transactions.

Max India is a multi-business enterprise. The company has business interest in area of life insurance, healthcare and clinical research. Max India holds 91% equity stake in Max Healthcare Institute.