Max India up 3%, may sell stake in insurance co to PE Firm

Shares of Max India climbed 3 percent intraday Wednesday on a media report that the company may sell its some stake in Max Life Insurance.

"Analjit Singh-promoted Max India is in talks with four private equity firms for the sale of a 22 percent stake in Max Life Insurance," a media report said quoting unnamed sources.

"The stake sale could fetch about Rs 4,000 crore, which would value the company at anywhere from Rs 16,000 crore to Rs 18,000 crore. Private equity firms TPG, Carlyle Group, Blackstone Group and Apollo have been approached," the report added.

Max India currently holds about 70 perent in the company. Axis Bank holds about 4 percent, while Japan's Mitsui Sumitomo Insurance holds the remaining 26 percent in Max Life.