Clients consider ATM key to opening bank account

Preferential allotment to an FII spurted Max India in Friday's trading as the scrip gained Rs 22 over its previous close of Rs 148.80.

The company has decided to allot 27.67 lakh shares to ChrysCapital LLC, Mauritius, at a price of Rs 180 per share, which works out at 20 per cent premium to Thursday's closing price of Rs 148.80.

The company is expected to raise Rs 49.82 crore with the dilution of around 10.7 per cent equity after the issue of preferential shares.

More than 5.8 lakh shares changed hands at the BSE with the stock finally ending at Rs 170.77 after touching the day's high of Rs 177.

The stock has, however, witnessed selling pressure over the last one month and has slipped from 52-week high of Rs 206 to close at above levels.

The company's diversified business interest ranges from life insurance to telecom to health care to clinical research.