Max Ventures and Industries was trading at Rs 47.25 at 10:31 IST on BSE on its debut on the stock exchanges today, 22 June 2016.
Meanwhile, the S&P BSE Sensex was up 21 points or 0.08% at 26,833.78.
The stock debuted at Rs 45. The stock hit a high of Rs 47.25 and a low of Rs 44.80 so far during the day. On BSE, so far 22.53 lakh shares were traded in the counter.
Max Ventures and Industries (MVIL) debuted on the bourses today, 22 June 2016 pursuant to demerger of the erstwhile Max India. Pursuant to the scheme of arrangement, one share of MVIL earlier known as Capricorn Ventures was allotted for every five shares of Max Financial Services (MFSL) earlier known as Max India. Erstwhile Max India had earlier this year announced its demerger into three listed companies viz. MFSL, Max India and MVIL. 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.
Meanwhile, promoter Analjit Singh controlled entities Siva Enterprises and PVT Ventures during market hours today, 22 June 2016, announced an open offer for acquisition of up to 1.84 crore fully paid-up equity shares of face value of Rs 10 each from the shareholders of MVIL, constituting 34.6% of the issued, subscribed, paid up and voting share capital of the company and 34.27% of the fully diluted voting share capital at Rs 31.50 per share aggregating to Rs 58.19 crore, subject to terms and conditions.
The open offer is being made pursuant to press release dated 27 January 2015 by one of the promoters of MVIL viz. Analjit Singh, in terms of which he had proposed to make open offer to buy equity shares in MVIL to increase the promoter group shareholding up to 75% of the share capital of MVIL. The acquirers Siva Enterprises and PVT Ventures are controlled by Analjit Singh and his relatives.
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