A large shareholder of India’s Max Financial Services Ltd (MFSL) offloaded a nearly 3.2% stake in the company for 12.18 billion rupees ($145.1 million), exchange data showed on Thursday.
Max Ventures Investment Holdings sold 11 million shares of the listed company at 1,107.37 rupees per share, a nearly 2.3% discount to MFSL’s closing price on Wednesday.
The holding company, which has been trimming its ownership in MFSL since last year, has halved its stake to 3.2% with Thursday’s transaction.
It was not immediately clear who bought the shares. MFSL did not immediately respond to a Reuters’ request for comment seeking details of the buyers.
Shares of MFSL, which owns Max Life Insurance, closed 1.4% lower on Thursday.
($1 = 83.9610 Indian rupees)
Reuters
