IDBI Trusteeship sells 1.25 mn shares of Max Financial via open market sale
1 min read . Updated: 06 Jul 2020, 10:02 PM IST1.25 million share constitute 0.47% stake of Max Financial Services
Mumbai: IDBI Trusteeship Services Ltd (ITSL) on Monday sold 1.25 million shares or 0.47% stake of Max Financial Services through an open market sale.
Shares of Max Financial Services on Monday closed at ₹559.60, up 0.80% from previous close, while the benchmark index, Sensex gained 1.29% to close at 36,487.28.
According to stock exchange filing, IDBI Trusteeship has sold 12,50,000 equity shares of the company constituting 0.47% of the issued and paid-up share capital of the company through a open market.
The shares were released on the instruction of a lender on July 2 by ITSL, which is acting as a security trustee for various NCDs, Max Financial said in a regulatory filing on Monday.
Under the share pledge agreement, over 23 million equity shares, or 8.55%, are in the nature of encumbrance pledge/lien/non-disposal undertaking.
From the beginning of the year, Max Financial Services gained 5% against a drop of 12% in the benchmark index, Sensex. From March lows, Max Financial shares doubled while Sensex gained 42%.
Max Financial Services is the holding company for the Max group's life insurance business, Max Life Insurance has not given any details about the default and the amount which has forced the trustee to take this step.
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