Major Stake Shift in Max Financial Services Shares

Eight financial entities, including ICICI Prudential MF and Morgan Stanley, acquired a 1.6% stake in Max Financial Services worth Rs 611.60 crore through open market deals. Max Ventures Investment Holdings sold the same percentage, reducing its equity from 3.22% to 1.63%. The shares closed up at Rs 1,150.20 on the NSE.

In a significant market movement, eight prominent financial entities, such as ICICI Prudential Mutual Fund and Morgan Stanley, have collectively acquired a 1.6 per cent stake in Max Financial Services, valued at Rs 611.60 crore, through open market transactions.

Additional participants in the transaction included DSP MF, Kotak Mahindra Life Insurance, Copthall Mauritius Investment, and Oxbow Master Fund. Together, these entities purchased 55 lakh shares in Max Financial Services, as detailed in NSE's block deal data.

Max Ventures Investment Holdings, a promoter entity, divested the equivalent number of shares at the average price of Rs 1,112 via NSE. Following this, their holding dropped to 1.63 per cent from 3.22 per cent. Max Financial Services shares ascended 2.92 per cent, closing at Rs 1,150.20 on the NSE.

(With inputs from agencies.)