Moneycontrol Be a Pro
Get App
Last Updated : Dec 04, 2019 09:36 AM IST | Source: Moneycontrol.com

Max India share price plunges 4%; IRDAI approves stake divestment in Max Bupa

The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1001 crore.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Max India share price plunged 4 percent in early trade on December 4 after the company received IRDAI approval for divestment of its stake in Max Bupa Health Insurance Company.

The company in its press release on BSE said that the Insurance Regulatory & Development Authority of India (IRDAI) has approved divestment of company's 51 percent stake in Max Bupa Health Insurance Company Pvt. Ltd. to the leading Private Equity firm True North.

The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1001 crore.

Close

Post-IRDAI approval, the transaction is now expected to be concluded within the next few weeks. All existing customer policies will continue unimpacted and all customer support channels will remain unchanged, the company added.

“The transaction will lead to a substantial cash inflow for Max India. As a part of our portfolio rebalancing exercise, we intend to utilize part of the proceeds to invest in both existing and new business opportunities," said Mohit Talwar, Vice President, Max Group and MD, Max India.

At 0920 hrs, Max India was quoting at Rs 78.65, down Rs 1.75, or 2.18 percent on the BSE.

Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.
First Published on Dec 4, 2019 09:36 am
Loading...
Follow us on
Available On