Max Financial Services promoter sells shares worth Rs 85 crore

Max Ventures Investment Holdings, a promoter of Max Financial Services on Monday offloaded shares worth Rs 85 crore through an open market transaction.

As per block deal data on NSE, the promoter sold over 9.34 lakh scrips of Max Financial Services at an average price of Rs 910.

This took the total deal value to Rs 85 crore.

Through a separate transaction, the shares were bought by New York Life Insurance Company at the same price.

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As per shareholding data for the December 2020 quarter, Max Ventures Investment Holdings held a 17.14 per cent stake.

Besides, New York Life Insurance Company is a public shareholder of the firm and held a 2.33 per cent stake, the data showed.

On NSE, shares of Max Financial Services ended 0.32 per cent lower at Rs 914.85 apiece.