Max Financial Services’ promoter entity sold almost half its equity shareholding in the company in a large trade on 5 September, according to a clarification filed with the stock exchanges.
Promoter entity Max Venture Investment Holdings Pvt Ltd sold a 3.2 percent equity stake in Max Financial Services, amounting to over Rs 1,218 crore, showed the exchange filing.
“The promoter group (Max Venture) had monetised 1.1 crore shares of the company (Max Financial) at the stock exchanges on September 5, 2024, to pay off their debts,” Max Financial said.
With this transaction, the promoter entity has cleared all its debts, completely removing the pledge of shares, the filing said further. “The pledge of shares held by the promoter in the target company will be Nil” is said. Following the sale, the promoter entity is left with 3.22 stake in Max Financial, holding nearly 1.11 crore shares.
Max Financial share price marginally rose on 6 September, after a nearly 1.5 percent fall on the previous day. The stock was trading at Rs 1,119.5 in the afternoon, up 0.2 percent from the previous close.
Earlier yesterday, large deals worth Rs 1,637 crore shares were reported in Max Financial Services shares. Around 1.5 crore shares, making up a 4.3 percent stake in the non-bank finance lender changed hands in the large deal, it was reported.
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