Max Ventures and Industries Ltd on Sunday reported a consolidated net profit of Rs 12.06 crore for the quarter ended September as against a net loss of Rs 11.48 crore in the year-ago period
Total income increased to Rs 380.99 crore in the second quarter of the current fiscal from Rs 293.68 crore in the year-ago period, according to a regulatory filing.
Divestment from specialty biz
It runs a realty business through its 100 per cent subsidiary Max Estates. Max Speciality Films is a 51:49 strategic partnership with Toppan.
The Board approved the divestment of the remaining 51 per cent shareholding in Max Speciality Films Ltd to Toppan Inc in two separate tranches at an enterprise value of Rs 1,350 crores, the filing said.
The deal size will be around Rs 675 crore for a 51 per cent stake sale. The deal is subject to customary closing conditions, including but not limited to shareholder or other approvals.
In 2017, Toppan had acquired a 49 per cent stake for about Rs 200 crore and became a strategic partner of MaxVIL.
Investment in Max Estates
Further, the Board authorized its Investment and Finance Committee to explore various modalities for restructuring with its wholly-owned subsidiary Max Estates Ltd and be renamed as Max Estates Ltd after receiving required statutory approvals.
''The change of name will bring better synergies between the name and the operations of the company,'' the filing said.
(With inputs from PTI)
