ICICI MF, Morgan Stanley, 6 others buy 1.6% stake in MaxFin Services for Rs 612 crore

The shares were picked up by these eight entities at an average price of Rs 1,112 apiece, bringing the total transaction value to Rs 611.60 crore.

Eight entities, including ICICI Prudential Mutual Fund (MF), Morgan Stanley, and Societe Generale, collectively bought a 1.6% stake in Max Financial Services for Rs 611.60 crore through open market transactions on Thursday.

DSP MF, Kotak Mahindra Life Insurance, Copthall Mauritius Investment, and Oxbow Master Fund were also among the entities that acquired 55 lakh shares, or a 1.59% stake in Max Financial Services, as per the block deal data on the NSE. The shares were picked up by these eight entities at an average price of Rs 1,112 apiece, bringing the total transaction value to Rs 611.60 crore.

Meanwhile, Max Financial Services’ promoter entity, Max Ventures Investment Holdings, offloaded the same number of shares at the same price on the National Stock Exchange (NSE). After the transaction, Max Ventures Investment Holdings' equity in Max Financial Services declined to 1.63% from 3.22%. Additionally, the combined holding of Analjit Singh-promoted Max Financial Services fell to 1.75% from 3.34%.

Shares of Max Financial Services rose 2.92% on Thursday to settle at ₹1,150.20 apiece on the NSE.