Analjit Singh-led promoters buy additional 3.6% in Max Ventures

Analjit Singh along with other promoters of Max Ventures & Industries Ltd (MaxVIL) have acquired an additional 3.6 per cent stake in the company, taking their total shareholding to 44 per cent.

The promoters, led by Singh acquired an additional 3.33 per cent stake in MaxVIL from Goldman Sach on November 29 at Rs 50.5 per share, a statement said.

They also bought an another 0.27 percent stake from open market in "creeping acquisition between 25-28 November 2016 at prevailing market prices", it said.

"We have full conviction in the underlying strength of Max Ventures & Industries as our vehicle to pursue path-breaking formats in areas which either have adjacencies to our existing businesses of life or where we have long-standing experience," Singh said.

These sunrise businesses offer immense potential of growing multi-fold in profits as well as valuation, he added.

"The promoters' shareholding in the company now stands at 44 per cent," the statement added.

MaxVIL is one of the three new holding companies formed after the demerger of the erstwhile Max India Limited, and was the second company to start trading after Max Financial Services.

It is listed on BSE and National Stock Exchange in June.

The company manages the investment in its manufacturing subsidiary, Max Speciality Films (MSF).

MaxVil also aims to evaluate new ideas in the wider world of business, including but not limited to sectors education, real estate and technology taking cues from economic and commercial reforms agenda of Government, including Make in India, Skill India, Digital India among others.

Shares of MaxVIL closed 7.6 per cent higher at Rs 53.80 on BSE.