Comments
New York Life International Holdings (NYLIH), a subsidiary of US-headquartered New York Life Insurance, will pick a 22.5 per cent stake in Max Ventures and Industries (MVIL) for a consideration of ₹121 crore.
The board of MVIL on Monday gave its nod for making a preferential allotment of 1.55 crore shares at a price of ₹78 a share to NYLIH.
MVIL also proposes to allot share warrants equivalent to 4.76 per cent of the post-issue share capital of the company to the promoter group, assuming full conversion of the warrants.
These share warrants will be issued at ₹78 a warrant aggregating to ₹26.9 crore and will be convertible into equity shares within 18 months. This would take the shareholding of the promoter group in MVIL to 38.02 per cent on fully diluted basis.
Speaking of the association, Analjit Singh, Founder and Chairman Emeritus of the Max Group and Chairman of MVIL, said, “Max has a long-standing relationship with New York Life. The company was our first major partner when Max was reinvented as a service-oriented company in 2001. Hence, it is very special to have them at the take-off stage of MVIL to continue and grow our valuable relationship with New York Life.”
Sahil Vachani, Managing Director and CEO of MVIL, said the investment will bolster MVIL’s journey. “The funds coming in will be used to invest in MVIL’s focus areas including manufacturing, real estate development and education, and will provide intellectual and financial capital to promising and proven early-stage organisations.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.