Max Financial Services Promoter Offloads Stake Worth Rs 1,218 Crore To Repay Debt

The promoters of Max Financial Services Ltd. on Thursday offloaded a stake worth Rs 1,218 crore to repay debt. However, the details of buyers were not available on the BSE.

Max Ventures Investment Holdings Pvt. sold 1.10 crore equity shares in the company on Thursday at Rs 1,107.37 apiece, according to the bulk data on the BSE.

Through an exchange filing, the company said on Friday that it has cleared its debt and the pledge of shares of Max Financial Services held by the promoter will be nil.

Max Ventures Investment Holdings, as of June 2024, held 6.40% stake in Max Financial Services. In 2023, the promoter had offloaded close to 1.42 crore shares, representing a 4.12% stake in the company. In 2020, the promoter had sold 1.04 crore shares.

Shares of Max Financial Services rose as much as 2.04% during the day to Rs 1,140 apiece on the NSE. The stock closed 0.40% higher at Rs 1,121.70 per share. This compares with a 1.17% advance in the benchmark Nifty 50. It has fallen 20.30% in the last 12 months and 17.43% year-to-date.