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Max Financial Services on Friday said its promoter group firm has sold a 3.19 per cent stake to repay their debt. Max Ventures Investment Holdings Pvt Ltd, a promoter company of Max Financial Services Ltd, sold 1.10 crore equity shares or 3.19 per cent in Max Financial Services on September 5. "The promoters have cleared all its debt and the pledge of shares held by the promoter in the target company (Max Financial Services) will be Nil," Max Financial said in a BSE filing. After the share sale, Max Ventures Investment Holdings Pvt Ltd's stake was reduced to 3.22 per cent from 6.40 per cent in Max Financial Services.
Max Healthcare Institute on Friday said it has acquired Nagpur-based Alexis Multi-Speciality Hospital Pvt Ltd for Rs 412 crore. The 200-bed hospital is set up on a land parcel of 2-acre at Mankapur, north of Nagpur. The facility has potential to increase its bed capacity from 200 operational beds to 340 beds after necessary regulatory approvals. "The acquisition of Alexis Hospital is in line with our vision to expand our footprint in tier-2 cities with abundance of clinical talent and developed private healthcare infrastructure," Max Healthcare Institute Chairman and Managing Director Abhay Soi said. Alexis Hospital acquisition will strengthen company's presence in Maharashtra region, he added. Shares of Max Healthcare were trading at a loss of 0.42 per cent at Rs 866.4 apiece on the BSE.
Max Life Insurance Company on Monday announced a partnership with the Indian Industries Association (IIA) to provide life insurance plans to the workforce of micro, small, and medium enterprises (MSME) in Uttar Pradesh. Under the recently announced Irdai's State Insurance Plan, Max Life aims to enhance accessibility and drive insurance penetration across Uttar Pradesh, the insurer said in a release. IIA has an extensive network across industrialized districts, it added. "Through this partnership, we aim to reach the underserved population in Uttar Pradesh, the country's most populous state, and financially secure the future of more than 11 lakh MSME workforce and their families," said V Viswanand, Deputy Managing Director, Max Life Insurance. Ashok Kumar Agarwal, President, Indian Industries Association said that for close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India. The activities
In line with the proposed deal, Axis Bank is likely to raise its stake in Max Life Insurance to about 20 per cent over the next 12-18 months, said the insurance company's CEO Prashant Tripathy said. Currently, Axis Bank and its two subsidiaries -- Axis Capital Ltd and Axis Securities Ltd -- collectively own 12.99 per cent in Max Life Insurance post approval of the deal in April this year. With this, Axis entities have now become co-promoters of Max Life with three board seats. "Axis Bank is to increase to 19.99 per cent in tranches. Thirteen per cent is already done over the next two quarters, we will seek approval for the balance seven per cent. So, it will reach about 20 per cent and that will be the ownership of Axis Bank," Tripathy told PTI. When asked about the timeline for the completion of the remaining stake transfer, he said: "It should happen in the next 12 to 18 months." Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven