Yesterday, data on the BSE bulk deals showed that Max Ventures Investment Holding sold 2.26% stake in Max Financial via open market transactions.
This stake or 61 lakh shares were sold at Rs.535.18/share.
As at 30th June 2020, Max Ventures held 28.15% and post this, the holding is now at 25.89%. Interesting, what was sold were the shares which were not pledged. Of the 28.15% stake, 92% was pledged – this meant 25.89%, which is remaining now, is pledged.
Additionally, yesterday Analjit Singh, promoter of Max Financial also sold a part of his shareholding in the company in a block deal, netting about Rs.350 crore. Prior to this transaction, Singh and his controlling entities held 28.3% stake in Max Financial.
The stock price fell 2% or Rs.10 to its intraday point at Rs.538.90. Its 52-week high is at Rs.611.05 and low at Rs.279.75.