Moneycontrol
Feb 09, 2018 02:18 PM IST | Source: Moneycontrol.com

Max Financial Services gains 3% on Q3 nos; to raise Rs 5,000cr

The company board in its meeting held on February 9 has approved raising of fund up to Rs 5,000 crore by way of preferential issue /QIP in one or more tranches.

 
 
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Shares of Max Financial Services added 3 percent intraday Friday on the back of strong Q3 numbers and fund raising plan.

The company board in its meeting held on February 9 has approved raising of fund up to Rs 5,000 crore by way of preferential issue /QIP in one or more tranches.

The company will use this money for investments in its subsidiary, Max Life Insurance company.

The company has recorded 10.3 percent jump in its Q3 net profit at Rs 88.8 crore against Rs 80.5 crore.

Revenue also increased by 16 percent at Rs 119.7 crore versus Rs 103.2 crore.

At 14:16 hrs Max Financial Services was quoting at Rs 528.25, up Rs 9.70, or 1.87 percent on the BSE.

Posted by Rakesh Patil
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