Max Life incorporates pension fund subsidiary, to infuse Rs 55 crore

Max Life Insurance Company Ltd has incorporated a wholly-owned subsidiary Max Life Pension Fund Management Ltd and will infuse Rs 55 crore into the firm by subscribing to 5.5 crore shares.

The wholly-owned subsidiary company of Max Life Insurance Company Ltd (Max Life), a material subsidiary of Max Financial Services Ltd, has been incorporated under the Companies Act, 2013 with the name Max Life Pension Fund Management Ltd (PF Company), Max Financial Services said in a regulatory filing on Wednesday.

"...a capital of Rs 55 crore will be infused by Max Life in the PF Company by subscribing 5,50,00,000 equity shares bearing face value of Rs 10 each of the said PF Company in line with the resolution passed by the board of directors of Max Life...on November 9, 2021," it said.

Stock of Max Financial closed 2.86 per cent higher at Rs 853.35 apiece on BSE.