Max Financial shares surge over 2% after Rs 399 crore block deal
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Shares of Max Financial Services rose 2.5% in early trade to their day’s high of Rs 1,145.80 on the BSE on Thursday after a large block deal involving 35.8 lakh shares worth Rs 399 crore took place at Rs 1,112 per share. Max Ventures Investment Holding is likely to offload up to a 1.59% stake in Max Financial Services through block deals, according to a CNBC-TV18 report. The offer price is reportedly set at Rs 1,117.6 per share, representing a 0.5% discount to the company’s current market price. The total size of the block deal is estimated at Rs 611.6 crore, the report added. This comes months after a significant transaction on September 5, 2024, when 1.5 crore shares, representing 4.3% of the company’s equity, changed hands in a Rs 1,637 crore deal. Max Financial Services, a leading player in the life insurance sector through its joint venture with Axis Bank, reported a 62.3% year-on-year drop in net profit to Rs 56 crore for the quarte...
