Moneyline sells stake in Max Financial for Rs 514 cr

Moneyline Portfolio Investments today sold 3.18 per cent stake in Max Financial Services (MFS) for over Rs 514 crore through an open market transaction.
According to the bulk deal data available with BSE, Moneyline offloaded 85 lakh shares, amounting to 3.18 per cent stake, of the firm.
The shares were disposed of at an average price of Rs 605.02 apiece, valuing the transaction at Rs 514.27 crore, the data showed.
The buyer of the shares could not be ascertained immediately.
Shares of MFS ended the day on BSE at Rs 605.10, up 0.84 per cent from the previous close.
Promoted by the USD 2 billion Max Group, MFS is the holding company of Max Life, which is the group's joint venture with Mitsui Sumitomo Insurance Company.

Last month, Max India had withdrawn the proposed merger agreement between Max Life and MFS with HDFC Standard Life Insurance.