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Analjit Singh-led promoters buy 3.6% more in Max Ventures

Our Bureau Chennai | Updated on January 15, 2018

The company manages the investment in its manufacturing subsidiary, Max Speciality Films.

Analjit Singh along with other promoters of Max Ventures & Industries Ltd has acquired an additional 3.6 per cent stake in the company. Following their acquisition, their total holding in the company has risen to 44 per cent.

In a press release, the company said the promoters led by Singh acquired an additional 3.33 per cent stake in MVIL from Goldman Sachs on Tuesday at ₹50.5 a share. Besides, the promoters had also acquired another 0.27 per cent stake through open market purchase between November 25 and 28 at the prevailing market prices.

Reposes confidence

“We have full conviction in the underlying strength of Max Ventures & Industries as our vehicle to pursue path-breaking formats in areas which either have adjacencies to our existing businesses of life or where we have long-standing experience,” Singh said.

The promoters in September had launched an open offer to mop-up 1.847 crore shares (or 34.6 per cent stake) at ₹31.50 a share. However, only 573 shares were tendered in the open offer.

MVIL is one of the three new holding companies formed after the demerger of the erstwhile Max India, and was the second company to start trading after Max Financial Services. It is listed on the BSE and the NSE in June. The company manages the investment in its manufacturing subsidiary, Max Speciality Films. On Wednesday, the shares of MVIL closed 7.6 per cent higher at ₹53.80 on the BSE.

Published on November 30, 2016

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