Max India is trading higher by 3% at Rs 209 after Dynavest India, one of the promoter group firms, acquired around 2% stake of the company for Rs 100 crore through open market transactions.
On Tuesday, Dynavest India had acquired 5.29 million shares representing 1.99% stake of the company from non-banking finance company JM Financial Products at an average price of Rs 189 per share through bulk deal on the Bombay Stock Exchange (BSE).
JM Financial Products Ltd, which held 5.29 million shares or 1.99% stake in Max India at the end of June quarter, sold its entire stake in the diversified business house, the BSE data shows. Max India promoters held 36.92% stake in the company at the end of June quarter.
The stock opened at Rs 205 and hit 52-week high of Rs 210 on the BSE. A combined 886,416 shares have changed hands on the counter till early noon deals on both the exchanges.