ICICI MF, Morgan Stanley Invest in MaxFin Services - Rs 612 Cr Deal

New Delhi, Mar 27 (PTI) Eight entities, including ICICI Prudential Mutual Fund (MF), Morgan Stanley and Societe Generale, on Thursday collectively bought a 1.6 per cent stake in Max Financial Services for Rs 611.60 crore through open market transactions.

DSP MF, Kotak Mahindra Life Insurance, Copthall Mauritius Investment, and Oxbow Master Fund were also among the entities who picked up 55 lakh shares or 1.59 per cent stake in Max Financial Services, as per the block deal data on the NSE.

The shares were picked up by these eight entities at an average price of Rs 1,112 apiece, taking the aggregate transaction value to Rs 611.60 crore.

Meanwhile, Max Financial Services' promoter entity Max Ventures Investment Holdings offloaded the same number of shares at the same price on the National Stock Exchange (NSE).

After the latest transaction, Max Ventures Investment Holdings equity in Max Financial Services will declined to 1.63 per cent from 3.22 per cent.

Also, the combined holding of Analjit Singh promoted-Max Financial Services will come down to 1.75 per cent from 3.34 per cent.

Shares of Max Financial Services on Thursday rose 2.92 per cent to settle at Rs 1,150.20 apiece on the NSE.