Others

Outcome of Board Meeting

| Updated on November 15, 2017 Published on April 12, 2012

Max India Ltd has informed BSE that Mitsui Sumitomo Insurance Company Limited, Japan (MSI) is acquiring, subject to required approvals and permissions, 26% stake in Max New York Life Insurance Company Limited (MNYL) from New York Life International Holdings Ltd (NYLM) (16.63%) and the Company (9.37%), and the remaining shares of MNYL held by NYLM shall be purchased by the Company so as to ensure that the non-resident holding in MNYL remains within the sectoral cap of 26%.

In connection with the above, the Board of Directors of the Company, in its meeting held on April 12, 2012, approved the following:

(i) Sale of 9.37% stake in MNYL by the Company to MSI for an aggregate consideration of Rs. 9844.49 million.

(ii) Purchase by the Company of 9.37% equity share capital of MNYL from NYLM at par value for an aggregate consideration of Rs. 1822.65 million.

Further, the Company clarify that Max Indias equity shareholding in MNYL would continue to remain close to 70% on consummation of aforesaid transactions.

The Company and MSI have entered into a shareholder agreement today which would become effective on consummation of aforesaid transactions.

Source : BSE - >www.bseindia.com

Published on April 12, 2012
This article is closed for comments.
Please Email the Editor