Max India slips 5% after IRDAI approves sale of 51% stake in Max Bupa

Shares of Max India slipped 4.8 per cent to Rs 76.5 on the BSE on Wednesday after insurance regulator Insurance Regulatory & Development Authority of India (IRDAI) approved divestment of its 51 per cent stake in Max Bupa Health Insurance to Private Equity firm True North. The all-cash transaction announced in February 2019 valued Max Bupa at an enterprise value of Rs 1,001 crore.

With the deal getting regulatory approval, Max India will exit the health insurance business. In a regulatory filing on Tuesday, the firm informed the exchanges that the transaction is expected to be concluded within the next