To create Max Financial Services, Max India and Max Ventures & Industries
Max India announced its demerger into three listed companies Max Financial Services, Max India and Max Ventures & Industries.The first holding company, Max Financial Services (MFS) will focus solely on managing the Group's flagship life insurance business, through its 72% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance.
The second holding company, which retains the name Max India, will manage investments in the high potential Health and Allied businesses - Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phases, closer attention to fulfil their tremendous potential.
he third holding company, Max Ventures & Industries (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the wider world of business, including but not limited to sectors such as real estate, education and technology.
Post restructuring, the erstwhile Max India's existing shareholders will retain one equity share of Rs 2/- in Max Financial Services. They will additionally get one equity share of Rs. 2/- each of the new company Max India for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.
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