Promoters raise stake in Max India to 35pc
Monday, 21 June 2010
NEW DELHI, June 20 (Business Standard): Promoters of Max India, led by Analjit Singh, have increased their stake in the company to about 35 per cent last week and are expected to raise their holding further in the near future.
The promoter group increased stake by 0.69 per cent to 35.47 per cent through open market purchases in the last two trading sessions, sources close to the development said.
The promoters are committed to raise their stake further as they believe group's business has potential to grow multi-fold in profits as well as valuation in the future, sources said.
The company is into life insurance, health insurance and healthcare businesses through subsidiaries.
Sources said that the deals were executed at an average price of Rs 163.95 resulting in an investment of about Rs 260 million.
According to an analyst, increase in stake by promoters shows confidence and conviction of the stakeholders in the underlying strength of the company's businesses of life insurance, health insurance, healthcare and clinical research.
The promoter group increased stake by 0.69 per cent to 35.47 per cent through open market purchases in the last two trading sessions, sources close to the development said.
The promoters are committed to raise their stake further as they believe group's business has potential to grow multi-fold in profits as well as valuation in the future, sources said.
The company is into life insurance, health insurance and healthcare businesses through subsidiaries.
Sources said that the deals were executed at an average price of Rs 163.95 resulting in an investment of about Rs 260 million.
According to an analyst, increase in stake by promoters shows confidence and conviction of the stakeholders in the underlying strength of the company's businesses of life insurance, health insurance, healthcare and clinical research.