Max India share price rallied 6.3 percent intraday on October 12 after the company pledged an additional 2 percent shares with non-banking finance company Bajaj Finance.
Earlier it was reported that Bajaj Finance had raised its stake in Max. However, Max India clarified to Moneycontrol Bajaj Finance hasn’t bought Max India’s shares, but only increased the number of shares pledged.
The scrip price was quoting at Rs 73.05, up Rs 2.60, or 3.69 percent on the BSE, at 12:25 hours IST.
The company in its disclosure filed with the exchange said it has pledged additional 2.04 percent stake with Bajaj Finance.
Around 5.21 percent of Max India equity was already pledged with Bajaj Finance. With the latest pledge, this share has increased to 7.24 percent.
Max India is the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living.
Note: The story has been updated to add a clarification from the management.
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